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

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required: Prepare the journal entries to record above transactions.
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