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 45,000 shares at $11 share. Jun. 10 Issued 110,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 11,000 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 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Jun. 10 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Aug. 3 fill in the blank fill in the blank fill in the blank fill in the blank B. Calculate how many shares of stock are outstanding at August 3. fill in the blank ________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 45,000 shares at $11 share. Jun. 10 Issued 110,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 11,000 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 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Jun. 10 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Aug. 3 fill in the blank fill in the blank fill in the blank fill in the blank B. Calculate how many shares of stock are outstanding at August 3. fill in the blank ________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 45,000 shares at $11 share. |
Jun. 10 | Issued 110,000 shares in exchange for land with a clearly determined value of $850,000. |
Aug. 3 | Purchased 11,000 shares of |
A. Prepare the
Jan. 31 | fill in the blank | fill in the blank | |
fill in the blank | fill in the blank | ||
fill in the blank | fill in the blank | ||
Jun. 10 | fill in the blank | fill in the blank | |
fill in the blank | fill in the blank | ||
fill in the blank | fill in the blank | ||
Aug. 3 | fill in the blank | fill in the blank | |
fill in the blank | fill in the blank |
B. Calculate how many shares of stock are outstanding at August 3.
fill in the blank ________shares
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