Concord Corporation's charter authorized issuance of 92,000 shares of $10 par value common stock and 51,400 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. 2. 3. 4. Issued a $10,700, 10% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $104 a share. Issued 470 shares of common stock for equipment. The equipment had been appraised at $6,900; the seller's book value was $5,900. The most recent market price of the common stock is $16 a share. Issued 398 shares of common and 99 shares of preferred for a lump sum amounting to $10,000. The common had been selling at $14 and the preferred at $62. Issued 190 shares of common and 51 shares of preferred for equipment. The common had a fair value of $16 per share; the equipment has a fair value of $6,100. Record the transactions listed above in journal entry form. (Round Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to O decimal places, e.g. $38,487. Credit account titles are automatically indented when 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.)
Concord Corporation's charter authorized issuance of 92,000 shares of $10 par value common stock and 51,400 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. 2. 3. 4. Issued a $10,700, 10% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $104 a share. Issued 470 shares of common stock for equipment. The equipment had been appraised at $6,900; the seller's book value was $5,900. The most recent market price of the common stock is $16 a share. Issued 398 shares of common and 99 shares of preferred for a lump sum amounting to $10,000. The common had been selling at $14 and the preferred at $62. Issued 190 shares of common and 51 shares of preferred for equipment. The common had a fair value of $16 per share; the equipment has a fair value of $6,100. Record the transactions listed above in journal entry form. (Round Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to O decimal places, e.g. $38,487. Credit account titles are automatically indented when 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:Concord Corporation's charter authorized issuance of 92,000 shares of $10 par value common stock and 51,400 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.
2.
3.
4.
1.
2.
Issued a $10,700, 10% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling
for $104 a share.
Record the transactions listed above in journal entry form. (Round Round intermediate calculations to 6 decimal places, e.g. 0.546872 and
final answers to O decimal places, e.g. $38,487. Credit account titles are automatically indented when 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.)
3.
Issued 470 shares of common stock for equipment. The equipment had been appraised at $6,900; the seller's book value was
$5,900. The most recent market price of the common stock is $16 a share.
No. Account Titles and Explanation
4.
Issued 398 shares of common and 99 shares of preferred for a lump sum amounting to $10,000. The common had been selling
at $14 and the preferred at $62.
Issued 190 shares of common and 51 shares of preferred for equipment. The common had a fair value of $16 per share; the
equipment has a fair value of $6,100.
Debit
Credit
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