A corporation was organized in January 2017 with authorized capital of $10 par value common stock. On February 1, 2020, shares were issued at par for cash. On March 1, 2020, the corporation's attorney accepted 7,000 shares of common stock in settlement for legal services with a fair value of $90,000. Additional paid-in capital would increase on February 1, 2020 March 1, 2020 а. Yes No b. Yes Yes C. No No d. No Yes

A corporation was organized in January 2017 with authorized capital of $10 par value common stock. On February 1, 2020, shares were issued at par for cash. On March 1, 2020, the corporation's attorney accepted 7,000 shares of common stock in settlement for legal services with a fair value of $90,000. Additional paid-in capital would increase on February 1, 2020 March 1, 2020 а. Yes No b. Yes Yes C. No No d. No Yes

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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4. The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information which is grouped according to your first name initial. (Hint!!!! Example first Manuel will use the initial M and that person should only use the info presented in line with the heading with their first name initial. You are not allowed to use info associated other initials other than that of your own as this will result in the…
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#16On December 1, 2019, Ceniza corporation received a donation of 3,000 shares of its P50 parvalue ordinary shares from a shareholder. On that date, the share’s market value was 350per share. The stock was originally issued for P250 per share. By what amount would thisdonation cause total shareholder’s equity to decrease? 0 pls provide the correct solution for the given answer
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