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Cullumber Corporation was organized on January 1, 2022. It is authorized to issue 9,200 shares of 8%, $50 par value preference shares, and 538,600 shares of no-par ordinary shares with a stated value of $2 per share. The following share transactions were completed during the first year. Issued 80,120 ordinary shares for cash at $6 per share. Jan. 10 Mar. 1 Issued 5,470 preference shares for cash at $112 per share. Apr. 1 Issued 24,910 ordinary shares for land. The asking price of the land was $90,180; the fair value of the land was $80,120. May 1 Issued 80,120 ordinary shares for cash at $9 per share. Aug. 1 Issued 9,200 ordinary shares to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. Sept. 1 Issued 9,200 ordinary shares for cash at $11 per share. Nov. 1 Issued 1,090 preference shares for cash at $113 per share. Prepare the journal entries to record the above transactions. (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 0 for the amounts.) Date Account Titles and Explanation Jan. 10 Cash Share Capital-Ordinary Share Premium-Ordinary Mar. 1 Cash Share Capital-Ordinary Share Premium-Ordinary Apr. 1 Land Share Capital-Ordinary Share Premium-Ordinary May 1 Cash Share Capital-Ordinary Share Premium-Ordinary Aug. 1 Organization Expense Share Capital-Ordinary Share Premium-Ordinary Sept. 1 Cash Debit Cre

Cullumber Corporation was organized on January 1, 2022. It is authorized to issue 9,200 shares of 8%, $50 par value preference shares, and 538,600 shares of no-par ordinary shares with a stated value of $2 per share. The following share transactions were completed during the first year. Issued 80,120 ordinary shares for cash at $6 per share. Jan. 10 Mar. 1 Issued 5,470 preference shares for cash at $112 per share. Apr. 1 Issued 24,910 ordinary shares for land. The asking price of the land was $90,180; the fair value of the land was $80,120. May 1 Issued 80,120 ordinary shares for cash at $9 per share. Aug. 1 Issued 9,200 ordinary shares to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. Sept. 1 Issued 9,200 ordinary shares for cash at $11 per share. Nov. 1 Issued 1,090 preference shares for cash at $113 per share. Prepare the journal entries to record the above transactions. (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 0 for the amounts.) Date Account Titles and Explanation Jan. 10 Cash Share Capital-Ordinary Share Premium-Ordinary Mar. 1 Cash Share Capital-Ordinary Share Premium-Ordinary Apr. 1 Land Share Capital-Ordinary Share Premium-Ordinary May 1 Cash Share Capital-Ordinary Share Premium-Ordinary Aug. 1 Organization Expense Share Capital-Ordinary Share Premium-Ordinary Sept. 1 Cash Debit Cre

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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Cullumber Corporation was organized on January 1, 2022. It is authorized to issue 9,200 shares of 8%, $50 par value preference shares, and 538,600 shares of no-par ordinary shares with a stated value of $2 per share. The following share transactions were completed during the first year. Issued 80,120 ordinary shares for cash at $6 per share. Jan. 10 Mar. 1 Issued 5,470 preference shares for cash at $112 per share. Apr. 1 Issued 24,910 ordinary shares for land. The asking price of the land was $90,180; the fair value of the land was $80,120. May 1 Issued 80,120 ordinary shares for cash at $9 per share. Aug. 1 Issued 9,200 ordinary shares to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. Sept. 1 Issued 9,200 ordinary shares for cash at $11 per share. Nov. 1 Issued 1,090 preference shares for cash at $113 per share. Prepare the journal entries to record the above transactions. (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 0 for the amounts.) Date Account Titles and Explanation Jan. 10 Cash Share Capital-Ordinary Share Premium-Ordinary Mar. 1 Cash Share Capital-Ordinary Share Premium-Ordinary Apr. 1 Land Share Capital-Ordinary Share Premium-Ordinary May 1 Cash Share Capital-Ordinary Share Premium-Ordinary Aug. 1 Organization Expense Share Capital-Ordinary Share Premium-Ordinary Sept. 1 Cash Debit Cre
Transcribed Image Text:Cullumber Corporation was organized on January 1, 2022. It is authorized to issue 9,200 shares of 8%, $50 par value preference shares, and 538,600 shares of no-par ordinary shares with a stated value of $2 per share. The following share transactions were completed during the first year. Issued 80,120 ordinary shares for cash at $6 per share. Jan. 10 Mar. 1 Issued 5,470 preference shares for cash at $112 per share. Apr. 1 Issued 24,910 ordinary shares for land. The asking price of the land was $90,180; the fair value of the land was $80,120. May 1 Issued 80,120 ordinary shares for cash at $9 per share. Aug. 1 Issued 9,200 ordinary shares to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. Sept. 1 Issued 9,200 ordinary shares for cash at $11 per share. Nov. 1 Issued 1,090 preference shares for cash at $113 per share. Prepare the journal entries to record the above transactions. (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 0 for the amounts.) Date Account Titles and Explanation Jan. 10 Cash Share Capital-Ordinary Share Premium-Ordinary Mar. 1 Cash Share Capital-Ordinary Share Premium-Ordinary Apr. 1 Land Share Capital-Ordinary Share Premium-Ordinary May 1 Cash Share Capital-Ordinary Share Premium-Ordinary Aug. 1 Organization Expense Share Capital-Ordinary Share Premium-Ordinary Sept. 1 Cash Debit Cre
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