E15.2B (L0 1) (Recording the Issuance of Common and Preferred Stock) National Gas Corporation was organized on June 1, 2020. It is authorized to issue 100,000 shares of 5%, $100 par value preferred stock, and 1,750,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year: June 15 Issued 165,000 shares of common stock for cash at $5 per share.June 30 Issued 25,000 shares of preferred stock for cash at $102 per share.Aug. 15 Issued 20,000 shares of common stock for a factory building. The asking price of the factory building was $150,000; theappraised value of the factory building was $140,000.Sept. 1 Issued 200,000 shares of common stock for cash at $7 per share.Oct. 1 Issued 5,000 shares of common stock to attorneys in payment of their bill of $40,000 for services rendered in helping thecompany organize.Oct. 15 Issued 25,000 shares of common stock for cash at $8.50 per share.Nov. 1 Issued 6,000 shares of preferred stock for cash at $104 per share.
E15.2B (L0 1) (Recording the Issuance of Common and Preferred Stock) National Gas Corporation was organized on June 1, 2020. It is authorized to issue 100,000 shares of 5%, $100 par value preferred stock, and 1,750,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year:
June 15 Issued 165,000 shares of common stock for cash at $5 per share.
June 30 Issued 25,000 shares of preferred stock for cash at $102 per share.
Aug. 15 Issued 20,000 shares of common stock for a factory building. The asking price of the factory building was $150,000; the
appraised value of the factory building was $140,000.
Sept. 1 Issued 200,000 shares of common stock for cash at $7 per share.
Oct. 1 Issued 5,000 shares of common stock to attorneys in payment of their bill of $40,000 for services rendered in helping the
company organize.
Oct. 15 Issued 25,000 shares of common stock for cash at $8.50 per share.
Nov. 1 Issued 6,000 shares of preferred stock for cash at $104 per share.
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