In Its First Year of Operations, Arid Corporation Had the Following

Essay

In its first year of operations, Arid Corporation had the following transactions pertaining to its $20 par value preferred stock.
Feb. 1 Issued 6,000 shares for cash at $43 per share.
Nov. 1 Issued 3,000 shares for cash at $45 per share.
Instructions
(a) Journalize the transactions.
(b) Indicate the amount to be reported for (1) preferred stock, and (2) paid-in capital in excess of par - preferred stock at the end of the year.