Blossom Corporation's charter authorized issuance of 105,000 shares of $10 par value common stock and 49,600 shares of $50 par value preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. 3. 4. Issued a $10,900, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $101 a share. Issued 510 shares of common stock for equipment. The equipment had been appraised at $7,300; the seller's book value was $6,100. The most recent market price of the common stock is $17 a share. Issued 252 shares of common and 126 shares of preferred for a lump sum amounting to $10,400. The common had been selling at $15 and the preferred at $70. Issued 180 shares of common and 53 shares of preferred for equipment. The common had a fair value of $17 per share: the equipment has a fair value of $6,600. Record the transactions listed above in journal entry form. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 38,487. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Blossom Corporation's charter authorized issuance of 105,000 shares of $10 par value common stock and 49,600 shares of $50 par value preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. 3. 4. Issued a $10,900, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $101 a share. Issued 510 shares of common stock for equipment. The equipment had been appraised at $7,300; the seller's book value was $6,100. The most recent market price of the common stock is $17 a share. Issued 252 shares of common and 126 shares of preferred for a lump sum amounting to $10,400. The common had been selling at $15 and the preferred at $70. Issued 180 shares of common and 53 shares of preferred for equipment. The common had a fair value of $17 per share: the equipment has a fair value of $6,600. Record the transactions listed above in journal entry form. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 38,487. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Blossom Corporation's charter authorized issuance of 105,000 shares of $10 par value common stock and 49,600 shares of $50
par value preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is
independent of the others.
1.
2.
3.
4.
Issued a $10,900, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling
for $101 a share.
Issued 510 shares of common stock for equipment. The equipment had been appraised at $7,300; the seller's book value
was $6,100. The most recent market price of the common stock is $17 a share.
Issued 252 shares of common and 126 shares of preferred for a lump sum amounting to $10,400. The common had been
selling at $15 and the preferred at $70.
Issued 180 shares of common and 53 shares of preferred for equipment. The common had a fair value of $17 per share:
the equipment has a fair value of $6,600.
Record the transactions listed above in journal entry form. (List all debit entries before credit entries. Do not round
intermediate calculations. Round final answers to 0 decimal places, e.g. 38,487. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account
titles and enter 0 for the amounts.)
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