Cheyenne Corp. was organized on January 1, 2017. It is authorized to issue 21,000 shares of 7%, $53 par value preferred stock and 454,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 67,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 1,140 shares of preferred stock for cash at $56 per share. May 1 Issued 112,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 4,400 shares of common stock for cash at $8 per share. Nov. 1 Issued 2,400 shares of preferred stock for cash at $56 per share.

Cheyenne Corp. was organized on January 1, 2017. It is authorized to issue 21,000 shares of 7%, $53 par value preferred stock and 454,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 67,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 1,140 shares of preferred stock for cash at $56 per share. May 1 Issued 112,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 4,400 shares of common stock for cash at $8 per share. Nov. 1 Issued 2,400 shares of preferred stock for cash at $56 per share.

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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