20-5A STOCKHOLDERS’ EQUITY SECTION After closing its books on Decembe

20-5A STOCKHOLDERS’ EQUITY SECTION After closing its books on December 31 ProParts’ stockholders’ equity accounts had the following balances:Common stock subscriptions receivable $ 5 000Common stock $5 par 12 000 shares 60 000Preferred stock $10 par 4% 4 000 shares 40 000Common stock subscribed $5 par 3 000 shares 15 000Paid-in capital in excess of par-common stock 4 000Retained earnings 35 000Prepare the stockholders’ equity section of the balance sheet.20-7A STATED VALUE COMMON AND PREFERRED STOCK AND NONCASHASSETS Kris Kraft Stores had the following stock transactions during the year:(a) Issued 4 000 shares of no-par common stock with a stated value of $10 per sharefor $40 000 cash.(b) Issued 6 000 shares of no-par common stock with a stated value of $8 per sharefor $50 000 cash.(c) Issued 5 000 shares of no-par 6% preferred stock with a stated value of $15 pershare for $75 000 cash.(d) Issued 3 000 shares of no-par 6% preferred stock with a stated value of $20 pershare for $58 000 cash.(e) Issued 10 000 shares of $5 par common stock for land with a fair market valueof $50 000.(f) Issued 10 000 shares of $8 par common stock with a $9 fair market value for abuilding with an uncertain fair market value.(g) Issued 8 000 shares of $50 par 8% preferred stock for land with a fair marketvalue of $405 000.REQUIREDPrepare general journal entries to record the transactions identifying each transactionby letter.

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