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. Issued 38,000 shares at $11 share. 31 Jun. Issued 110,000 shares in exchange for land with a clearly 10 determined value of $810,000. Aug. Purchased 12,000 shares of treasury stock at $9 per share. 3 A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Jun. 10 Aug. 3 B. Calculate how many shares of stock are outstanding at August 3. shares III III II III III II

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. Issued 38,000 shares at $11 share. 31 Jun. Issued 110,000 shares in exchange for land with a clearly 10 determined value of $810,000. Aug. Purchased 12,000 shares of treasury stock at $9 per share. 3 A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Jun. 10 Aug. 3 B. Calculate how many shares of stock are outstanding at August 3. shares III III II III III II

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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