Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 200,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. 7. Issued 66,200 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $149,800, $474,380 and $163,600 respectively. Sept. 20. Issued 19,400 shares of preferred stock at $107 for cash.
Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 200,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. 7. Issued 66,200 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $149,800, $474,380 and $163,600 respectively. Sept. 20. Issued 19,400 shares of preferred stock at $107 for cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:
| July | 1. | Issued 200,000 shares of common stock at par for cash. |
| 1. | Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. | |
| Aug. | 7. | Issued 66,200 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $149,800, $474,380 and $163,600 respectively. |
| Sept. | 20. | Issued 19,400 shares of |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education