Concord Corporation's charter authorized issuance of 474,000 shares of $1 par value common stock and 241,000 shares of $100 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 $110,000, 8% bond payable at par and gave as a bonus ten shares of preferred stock, which at that time was selling for $101 a share. Issued 7,800 shares of common stock for land. The land had been appraised at $87,600; the seller's book value was $55,400. The most recent market price of the common stock is $12 a share. The stock is regularly traded. Issued 4,600 shares of common stock and 50 shares of preferred stock for a lump sum amounting to $69,900. The common stock had been selling at $13 and the preferred stock at $111. Issued 900 shares of common stock and 50 shares of preferred stock for equipment. The common stock had a fair value of

Concord Corporation's charter authorized issuance of 474,000 shares of $1 par value common stock and 241,000 shares of $100 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 $110,000, 8% bond payable at par and gave as a bonus ten shares of preferred stock, which at that time was selling for $101 a share. Issued 7,800 shares of common stock for land. The land had been appraised at $87,600; the seller's book value was $55,400. The most recent market price of the common stock is $12 a share. The stock is regularly traded. Issued 4,600 shares of common stock and 50 shares of preferred stock for a lump sum amounting to $69,900. The common stock had been selling at $13 and the preferred stock at $111. Issued 900 shares of common stock and 50 shares of preferred stock for equipment. The common stock had a fair value of

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
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Seles Corporation's charter authorized issuance of 100,000 shares of $10 par value common stock and 50,000 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. Issued a $10,000, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $106 a share. 2. Issued 500 shares of common stock for equipment. The equipment had been appraised at $7,100; the seller's book value was $6,200. The most recent market price of the common stock is $16 a share. 3. Issued 375 shares of common and 100 shares of preferred for a lump sum amounting to $10,800. The common had been selling at $14 and the preferred at $65. 4. Issued 200 shares of common and 50 shares of preferred for equipment. The common had a fair value of $16 per share; the equipment has a fair value of $6,500. Instructions Record the transactions listed above in journal…
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Lucas Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Common stock, $8 par value, 111,000 shares authorized Preferred stock, 14 percent, par value $10 per share, 4,500 shares authorized During the year, the following transactions took place in the order presented: a. Sold and issued 21,500 shares of common stock at $20 cash per share. b. Sold and issued 2,400 shares of preferred stock at $24 cash per share. c. At the end of the year, the company reported net income of $41,500. No dividends were declared. Required: 1. Prepare the stockholders' equity section of the balance sheet at the end of the year. Stockholders' equity: Contributed capital: Total contributed capital Total stockholders' equity LUCAS COMPANY Balance Sheet (Partial) At December 31, This year $
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When Wisconsin Corporation was formed on January 1, the corporate charter provided for 94,200 shares of $9 par value common stock. During its first month of operation, the corporation issued 6,880 shares of stock at a price of $24 per share. The entry to record the above transaction would include a a.credit to Paid-In Capital in Excess of Par—Common Stock for $103,200 b.debit to Common Stock for $94,200 c.debit to Cash for $61,920 d.credit to Common Stock for $165,120