Polzin Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.

Polzin Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.

Feb. 1		Issued 20,000 shares for cash at $53 per share.
July 1		Issued 12,000 shares for cash at $57 per share.

Journalize the transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Post to the stockholders' equity accounts. (If answer is zero, please enter 0. Do not leave any fields blank.)

Correct.

Journalize the transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

Date	Account/Description	Debit	Credit
Feb. 1	Cash	1060000
	Preferred stock		1000000
	Paid-in cap. in excess of par value-Pref. stock		60000
July 1	Cash	684000
	Preferred stock		600000
	Paid-in cap. in excess of par value-Pref. stock		84000

	Correct.

Post to the stockholders' equity accounts. (If answer is zero, please enter 0. Do not leave any fields blank.)

Preferred Stock
Date		Explanation	Ref.	Debit	Credit	Balance
Feb.	1			0	1000000	1000000
July	1			0	600000	1600000

Paid-in Capital in Excess of Par Value-Preferred Stock
Date		Explanation	Ref.	Debit	Credit	Balance
Feb.	1			0	60000	60000
July	1			0	84000	144000