Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 41,000 shares at $10 share. Jun. 10 Issued 150,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 8,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Cash fill in the blank 6111daf96023f8f_2 fill in the blank 6111daf96023f8f_3 Common Stock fill in the blank 6111daf96023f8f_5 fill in the blank 6111daf96023f8f_6 Additional Paid-in Capital from Common Stock fill in the blank 6111daf96023f8f_8 fill in the blank 6111daf96023f8f_9 Jun. 10 Land fill in the blank 6111daf96023f8f_11 fill in the blank 6111daf96023f8f_12 Common Stock fill in the blank 6111daf96023f8f_14 fill in the blank 6111daf96023f8f_15 Additional Paid-in Capital from Common Stock fill in the blank 6111daf96023f8f_17 fill in the blank 6111daf96023f8f_18 Aug. 3 Treasury Stock fill in the blank 6111daf96023f8f_20 fill in the blank 6111daf96023f8f_21 Cash fill in the blank 6111daf96023f8f_23 fill in the blank 6111daf96023f8f_24 B. Calculate how many shares of stock are outstanding at August 3. fill in the blank 17f3b40d7ff5fc0_1 shares

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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Question

Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions:

Jan. 31	Issued 41,000 shares at $10 share.
Jun. 10	Issued 150,000 shares in exchange for land with a clearly determined value of $850,000.
Aug. 3	Purchased 8,000 shares of treasury stock at $8 per share.

A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

Jan. 31	Cash	fill in the blank 6111daf96023f8f_2	fill in the blank 6111daf96023f8f_3
	Common Stock	fill in the blank 6111daf96023f8f_5	fill in the blank 6111daf96023f8f_6
	Additional Paid-in Capital from Common Stock	fill in the blank 6111daf96023f8f_8	fill in the blank 6111daf96023f8f_9
Jun. 10	Land	fill in the blank 6111daf96023f8f_11	fill in the blank 6111daf96023f8f_12
	Common Stock	fill in the blank 6111daf96023f8f_14	fill in the blank 6111daf96023f8f_15
	Additional Paid-in Capital from Common Stock	fill in the blank 6111daf96023f8f_17	fill in the blank 6111daf96023f8f_18
Aug. 3	Treasury Stock	fill in the blank 6111daf96023f8f_20	fill in the blank 6111daf96023f8f_21
	Cash	fill in the blank 6111daf96023f8f_23	fill in the blank 6111daf96023f8f_24

B. Calculate how many shares of stock are outstanding at August 3.

fill in the blank 17f3b40d7ff5fc0_1 shares

Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions:
Jan. 31
Issued 41,000 shares at $10 share.
Jun. 10
Issued 150,000 shares in exchange for land with a clearly determined value of $850,000.
Aug. 3
Purchased 8,000 shares of treasury stock at $8 per share.
A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.
Jan. 31
Cash
Common Stock
Additional Paid-in Capital from Common Stock
Jun. 10
Land
Common Stock
Additional Paid-in Capital from Common Stock
Aug. 3
Treasury Stock
Cash
B. Calculate how many shares of stock are outstanding at August 3.
shares

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