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Example 2 For each of the following independent equity transactions, prepare the appropriate journal entries. A. Lost Vikings Corporation issued 300 shares of $10 par value common stock for $4,100. B. Finley Corporation issued 2,000 shares of its $5 par value common stock for land. The fair market value of the land was $31,000. C. Powerdrive Corporation issued 2,000 shares of its $10 par value common stock for $70,000. Powerdrive also incurred $1,500 of costs associated with issuing the stock. D. Popeye Corporation issued 450 shares of $100 par value preferred stock for $61,500.

Example 2 For each of the following independent equity transactions, prepare the appropriate journal entries. A. Lost Vikings Corporation issued 300 shares of $10 par value common stock for $4,100. B. Finley Corporation issued 2,000 shares of its $5 par value common stock for land. The fair market value of the land was $31,000. C. Powerdrive Corporation issued 2,000 shares of its $10 par value common stock for $70,000. Powerdrive also incurred $1,500 of costs associated with issuing the stock. D. Popeye Corporation issued 450 shares of $100 par value preferred stock for $61,500.

FINANCIAL ACCOUNTING
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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Example 2 For each of the following independent equity transactions, prepare the appropriate journal entries. A. Lost Vikings Corporation issued 300 shares of $10 par value common stock for $4,100. B. Finley Corporation issued 2,000 shares of its $5 par value common stock for land. The fair market value of the land was $31,000. C. Powerdrive Corporation issued 2,000 shares of its $10 par value common stock for $70,000. Powerdrive also incurred $1,500 of costs associated with issuing the stock. D. Popeye Corporation issued 450 shares of $100 par value preferred stock for $61,500.
Transcribed Image Text:Example 2 For each of the following independent equity transactions, prepare the appropriate journal entries. A. Lost Vikings Corporation issued 300 shares of $10 par value common stock for $4,100. B. Finley Corporation issued 2,000 shares of its $5 par value common stock for land. The fair market value of the land was $31,000. C. Powerdrive Corporation issued 2,000 shares of its $10 par value common stock for $70,000. Powerdrive also incurred $1,500 of costs associated with issuing the stock. D. Popeye Corporation issued 450 shares of $100 par value preferred stock for $61,500.
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