Following are the issuances of stock transactions. 1. A corporation Issued 2,000 shares of $20 par value common stock for $48,000 cash. 2. A corporation Issued 1,000 shares of no-par common stock to Its promoters in exchange for their efforts, estimated to be worth $55,500. The stock has a $6 per share stated value. 3. A corporation Issued 1.000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $55,500. The stock has no stated value. 4. A corporation Issued 500 shares of $100 par value preferred stock for $105,500 cash.
Following are the issuances of stock transactions. 1. A corporation Issued 2,000 shares of $20 par value common stock for $48,000 cash. 2. A corporation Issued 1,000 shares of no-par common stock to Its promoters in exchange for their efforts, estimated to be worth $55,500. The stock has a $6 per share stated value. 3. A corporation Issued 1.000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $55,500. The stock has no stated value. 4. A corporation Issued 500 shares of $100 par value preferred stock for $105,500 cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required Information
[The following information applies to the questions displayed below.]
Following are the Issuances of stock transactions.
1. A corporation Issued 2,000 shares of $20 par value common stock for $48,000 cash.
2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $55,500. The stock has a $6 per share stated value.
3. A corporation Issued 1.000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $55,500. The stock has no stated value.
4. A corporation Issued 500 shares of $100 par value preferred stock for $105,500 cash.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0741072d-2037-4e03-bf65-34f3ebe7fdc3%2Fc5f62ef8-051b-4cd6-81c7-57acdb95277a%2F1aq70l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:5
Required Information
[The following information applies to the questions displayed below.]
Following are the Issuances of stock transactions.
1. A corporation Issued 2,000 shares of $20 par value common stock for $48,000 cash.
2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $55,500. The stock has a $6 per share stated value.
3. A corporation Issued 1.000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $55,500. The stock has no stated value.
4. A corporation Issued 500 shares of $100 par value preferred stock for $105,500 cash.
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