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 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
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 5EA: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first...
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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 |
A. Prepare the
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
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