Feb. 5. Issued 85,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Apr. 9. Issued 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $84,000, $460,000, and $104,000, respectively. Apr. 9. June 14. Issued 20,000 shares of preferred stock at $60 for cash. June 14.

Feb. 5. Issued 85,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Apr. 9. Issued 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $84,000, $460,000, and $104,000, respectively. Apr. 9. June 14. Issued 20,000 shares of preferred stock at $60 for cash. June 14.

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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