Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $30 par value common stock for $144,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $79,000 cash.

Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $30 par value common stock for $144,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $79,000 cash.

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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