Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $ 100 par value 7% preferred stock. It's also authorized to issue 500,000 shares of $5 par value common stock.During the year, the corporation had the following transactions: August 22 issued 2,000 shares of preferred stock at $ 105 per share. Sep. 3 issued 80,000 share of common stock at $ 13.25 per share. Oct. 11 issued 12,000 share of common stock for land valued at $ 156,000. The stock is currently trading at $ 12 per share, and the stock's trading value is a more accurate determinate of the land value. Nov. 12 issued 5,000 shares of common stock at $15 per share. Dec. 5 issued 1,000 of preferred stock at $ 112 per share. How do you journalize the transactions ?
Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $ 100 par value 7% preferred stock. It's also authorized to issue 500,000 shares of $5 par value common stock.During the year, the corporation had the following transactions: August 22 issued 2,000 shares of preferred stock at $ 105 per share. Sep. 3 issued 80,000 share of common stock at $ 13.25 per share. Oct. 11 issued 12,000 share of common stock for land valued at $ 156,000. The stock is currently trading at $ 12 per share, and the stock's trading value is a more accurate determinate of the land value. Nov. 12 issued 5,000 shares of common stock at $15 per share. Dec. 5 issued 1,000 of preferred stock at $ 112 per share. How do you journalize the transactions ?
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 3PB: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par...
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Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $ 100 par value 7% preferred stock . It's also authorized to issue 500,000 shares of $5 par value common stock.During the year, the corporation had the following transactions: August 22 issued 2,000 shares of preferred stock at $ 105 per share.
Sep. 3 issued 80,000 share of common stock at $ 13.25 per share.
Oct. 11 issued 12,000 share of common stock for land valued at $ 156,000. The stock is currently trading at $ 12 per share, and the stock's trading value is a more accurate determinate of the land value.
Nov. 12 issued 5,000 shares of common stock at $15 per share.
Dec. 5 issued 1,000 of preferred stock at $ 112 per share.
How do you journalize the transactions ?
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