---## Journalizing Transactions for a Newly Organized CorporationA corporation was organized on January 1 of the current year, with authorization to issue the following types of stock:- 20,000 shares of 4%, $12 par preferred stock- 100,000 shares of $3 par common stockThe transactions below were completed during the first year of operations:1. **January 3: Issued 15,000 shares of common stock** - Price Per Share: $23 - Transaction: Issued for cash2. **January 31: Issued 200 shares of common stock** - Transaction Detail: Payment to an attorney for legal fees associated with organizing the corporation - Value of Stock at Time of Payment: $25 per share3. **February 24: Issued 20,000 shares of common stock** - Exchange Details: - Land Fair Market Price: $65,000 - Buildings Fair Market Price: $120,000 - Equipment Fair Market Price: $45,0004. **March 15: Issued 2,000 shares of preferred stock** - Price Per Share: $56 - Transaction: Issued for cash---**Explanation of Graphs/Diagrams:**There are no graphs or diagrams included in the provided image. The image is a snapshot of a Google Sheets document that includes a table outlining the stock issuance transactions of a newly organized corporation. The table is composed of rows and columns, where rows indicate the date and details of each transaction, and columns represent categorical information such as transaction details and values.**Educational Objective:**Students and learners will understand how to journalize stock issuance transactions for a corporation. Emphasis is placed on recognizing different types of stock, understanding transaction details, and recording these transactions appropriately in financial statements.---

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Description: ---## Journalizing Transactions for a Newly Organized CorporationA corporation was organized on January 1 of the current year, with authorization to issue the following types of stock:- 20,000 shares of 4%, $12 par preferred stock- 100,000 shares of

When common stock is issued at premium the additional amount received will be credited to "Paid in…

Business

Accounting

A B C D E F Jan. 3 Issued 15,000 shares of common stock. $23 per share for cash. Journalize the transactions Mar, 15 Issued 2,000 shares preferred stock at $56 for cash. G H A corporation was organized on January 1 of the current year, with authorization of 20,000 shares of 4%, $12 par preferred stock, and 100,000 shares of $3 par common stock. The following selected transactions were completed during the first year of operations: I J 31 Issued 200 shares of common stock to an attorney in payment of legal fees for organizing the corporation. The value the stock at the time of payment was $25 per share. Feb. 24 Issued 20,000 shares of common stock exchange for land, buildings, and equipment with fair market prices of $65,000, $120,000, and $45,000 respectively. K L

A B C D E F Jan. 3 Issued 15,000 shares of common stock. $23 per share for cash. Journalize the transactions Mar, 15 Issued 2,000 shares preferred stock at $56 for cash. G H A corporation was organized on January 1 of the current year, with authorization of 20,000 shares of 4%, $12 par preferred stock, and 100,000 shares of $3 par common stock. The following selected transactions were completed during the first year of operations: I J 31 Issued 200 shares of common stock to an attorney in payment of legal fees for organizing the corporation. The value the stock at the time of payment was $25 per share. Feb. 24 Issued 20,000 shares of common stock exchange for land, buildings, and equipment with fair market prices of $65,000, $120,000, and $45,000 respectively. K L

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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