Answer Happy

Mailmax Direct is incorporated in the state of Arizona. Their charter authorized Mailmax to issue 1,000 shares of 6%, $100 par preferred stock and 250,000 shares of $10 par common stock. In its first month, Mailmax completed the following transactions. Prepare the necessary entry: Jan. 3 Issued 9,000 shares of common stock for equipment with a market value of $100,000. Jan. 12 Issued 300 shares of preferred stock to acquire a patent with a market value of $40,000. Jan, 28 Issued 1,500 shares of common stock for $11 cash per share. Jan. 30 Issued 200 shares of preferred stock for $110 cash per share. Dec. 31 Closed net income of $43,500. Mailmax Direct Stockholders' Equity Paid in Capital: Preferred Stock, 6%, $100 par, 1,006 shares authorized 500 shares issued Common Stock, $10 par, 250,000 shares authorized, shares issued and outstanding Paid in Capital in Excess of par Total Paid in Capital Retained Earnings Total Stockholders' Equity