Concord Corporation's charter authorized issuance of 96,000 shares of $10 par value common stock and 50,400 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 $9,100, 10% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $103 a share. Issued 510 shares of common stock for equipment. The equipment had been appraised at $6,500; the seller's book value was $6,600. The most recent market price of the common stock is $17 a share. Issued 254 shares of common and 127 shares of preferred for a lump sum amounting to $9,900. The common had been selling at $15 and the preferred at $70. Issued 190 shares of common and 55 shares of preferred for equipment. The common had a fair value of $17 per share; the equipment has a fair value of $6,400. Record the transactions listed above in journal entry form. (List all debit entries before credit entries. Do not round intermediate

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Concord Corporation's charter authorized issuance of 96,000 shares of $10 par value common stock and 50,400 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. Issued a $9,100, 10% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for
$103 a share.
N
2.
3.
4.
Issued 510 shares of common stock for equipment. The equipment had been appraised at $6,500; the seller's book value was
$6,600. The most recent market price of the common stock is $17 a share.
Issued 254 shares of common and 127 shares of preferred for a lump sum amounting to $9,900. The common had been selling
at $15 and the preferred at $70.
1.
Issued 190 shares of common and 55 shares of preferred for equipment. The common had a fair value of $17 per share; the
equipment has a fair value of $6,400.
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 O 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.)
No. Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Concord Corporation's charter authorized issuance of 96,000 shares of $10 par value common stock and 50,400 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. Issued a $9,100, 10% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $103 a share. N 2. 3. 4. Issued 510 shares of common stock for equipment. The equipment had been appraised at $6,500; the seller's book value was $6,600. The most recent market price of the common stock is $17 a share. Issued 254 shares of common and 127 shares of preferred for a lump sum amounting to $9,900. The common had been selling at $15 and the preferred at $70. 1. Issued 190 shares of common and 55 shares of preferred for equipment. The common had a fair value of $17 per share; the equipment has a fair value of $6,400. 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 O 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.) No. Account Titles and Explanation Debit Credit
2.
3.
4.
‒‒‒‒‒
Transcribed Image Text:2. 3. 4. ‒‒‒‒‒
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