Norris Corporation was organized on January 1, 2007.

Norris Corporation was organized on January 1, 2007. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 60,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 12,000 shares of preferred stock for cash at $54 per share. May 1 Issued 100,000 shares of common stock for cash at $5 per share. Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $56 per share. Instructions (a) Journalize the transactions. (b) Post to the stockholders’ equity accounts. (Use T accounts.) (c) Prepare the paid-in capital portion of the stockholders’ equity section at December 31, 2007.

Norris Corporation was organized on January 1, 2007. It is authorized to issue 20,000 shares of 6%, $50 par valuepreferred stock and 500,000 shares of no-par common stock with a stated value of $1…