Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Aug. 22 Issued 2,000 shares of preferred stock at $105 per share Sep. 3 Issued 80,000 shares of common stock at $13.25 per share Oct. 11 Issued 12,000 shares 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 determinant of the land’s value. Nov. 12 Issued 5,000 shares of common stock at $15 per share Dec. 5 Issued 1,000 shares of preferred stock at $112 per share
Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Aug. 22 Issued 2,000 shares of preferred stock at $105 per share Sep. 3 Issued 80,000 shares of common stock at $13.25 per share Oct. 11 Issued 12,000 shares 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 determinant of the land’s value. Nov. 12 Issued 5,000 shares of common stock at $15 per share Dec. 5 Issued 1,000 shares of preferred stock at $112 per share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7%
| Aug. 22 | Issued 2,000 shares of preferred stock at $105 per share |
| Sep. 3 | Issued 80,000 shares of common stock at $13.25 per share |
| Oct. 11 | Issued 12,000 shares 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 determinant of the land’s value. |
| Nov. 12 | Issued 5,000 shares of common stock at $15 per share |
| Dec. 5 | Issued 1,000 shares of preferred stock at $112 per share |
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