ingra Corporation was organized in March. It is authorized to issue 600,000 shares of $100 par value 6% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Mar. 1 Issued 10,000 share

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Wingra Corporation was organized in March. It is authorized to issue 600,000 shares of $100 par value 6% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions:

Mar. 1 Issued 10,000 shares of preferred stock at $115 per share.
Mar. 2  Issued 130,000 shares of common stock at $13 per share.
Apr. 10 Issued 15,000 shares of common stock for equipment valued at $196,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment.
Jun. 12 Issued 12,000 shares of common stock at $15 per share.
Aug. 5 Issued 1,000 shares of preferred stock at $112 per share.

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

Mar. 1
 
   
 
 
   
 
 
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Mar. 2
 
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Apr. 10
 
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Jun. 12
 
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Aug. 5
 
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- Select - - Select -
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