Peck Corporation is authorized to issue 20,000 shares of TK.50 par value,10% preferred stock and 125,000 shares of TK.5 par value common stock. On January 1,2014 ,the ledger contained the following stockholders equity balances Preferred stock(10,000 shares) Paid in capital in excess of par-Preferred stock Common stock(70,000 shares) TK.500,000 75,000 350,000 Paid in capital in excess of par-Common stock Retained earnings During 2014 ,the following transactions occurred Feb 1 Issued 2,000 shares of preferred stock for land having a fair value of TK.120,000 700,000 300,000 Mar 1 Issued 1,000 shares of preferred stock for cash at TK.65 per share. July 1 Issued 16,000 shares of common stock for cash at TK.7 per share. Sept. 1 Issued 400 shares of preferred stock for a patent. The asking price of the patent was TK.30,000.Market price for the preferred stock was TK.70 and the fair value for the patent was Indeterminable. Dec. 1 Issued 8,000 shares of common stock for cash at TK.7.50 per share . Dec 31 Net income for the year was TK.260,000.No diviđends were declared.

Peck Corporation is authorized to issue 20,000 shares of TK.50 par value,10% preferred stock and 125,000 shares of TK.5 par value common stock. On January 1,2014 ,the ledger contained the following stockholders equity balances Preferred stock(10,000 shares) Paid in capital in excess of par-Preferred stock Common stock(70,000 shares) TK.500,000 75,000 350,000 Paid in capital in excess of par-Common stock Retained earnings During 2014 ,the following transactions occurred Feb 1 Issued 2,000 shares of preferred stock for land having a fair value of TK.120,000 700,000 300,000 Mar 1 Issued 1,000 shares of preferred stock for cash at TK.65 per share. July 1 Issued 16,000 shares of common stock for cash at TK.7 per share. Sept. 1 Issued 400 shares of preferred stock for a patent. The asking price of the patent was TK.30,000.Market price for the preferred stock was TK.70 and the fair value for the patent was Indeterminable. Dec. 1 Issued 8,000 shares of common stock for cash at TK.7.50 per share . Dec 31 Net income for the year was TK.260,000.No diviđends were declared.

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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