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

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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