(b) Beach Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares of 8%, Tk. 100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of İk. 2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 100,000 shares of common stock for cash at Tk. 3 per share. Mar. 1 Issued 6,000 shares of preferred stock for cash at Tk. 104 per share. Apr. 1 Issued 26,000 shares of common stock for land. The asking price of the land was Tk. 100,000. The fair value of the land was Tk. 95,000. May 1 Issued 90,000 shares of common stock for cash at Tk. 5.50 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of Tk. 40,000 for services performed in helping the company organize. Sept. 1 Issued 20,000 shares of common stock for cash at Tk. 6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at Tk. 108 per share. Instructions (i) Journalize the transactions. (ii) Post to the stockholders' equity accounts.

(b) Beach Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares of 8%, Tk. 100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of İk. 2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 100,000 shares of common stock for cash at Tk. 3 per share. Mar. 1 Issued 6,000 shares of preferred stock for cash at Tk. 104 per share. Apr. 1 Issued 26,000 shares of common stock for land. The asking price of the land was Tk. 100,000. The fair value of the land was Tk. 95,000. May 1 Issued 90,000 shares of common stock for cash at Tk. 5.50 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of Tk. 40,000 for services performed in helping the company organize. Sept. 1 Issued 20,000 shares of common stock for cash at Tk. 6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at Tk. 108 per share. Instructions (i) Journalize the transactions. (ii) Post to the stockholders' equity accounts.

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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