Mailmax Direct is incorporated in the state of Arizona. Their charter authorized Mailmax to issue 1,000 shares of 6%, $100 par preferred stock and 250,000 shares of $10 par common stock. In its first month, Mailmax completed the following transactions. Prepare the necessary entry: Jan. 3 Issued 9,000 shares of common stock for equipment with a market value of $100,000. Issued 300 shares of preferred stock to acquire a patent with a market value of $40,000. Jan. 12 Jan. 28 Issued 1,500 shares of common stock for $11 cash per share. Jan. 30 Issued 200 shares of preferred stock for $110 cash per share. Dec. 31 Closed net income of $43,500.
Mailmax Direct is incorporated in the state of Arizona. Their charter authorized Mailmax to issue 1,000 shares of 6%, $100 par preferred stock and 250,000 shares of $10 par common stock. In its first month, Mailmax completed the following transactions. Prepare the necessary entry: Jan. 3 Issued 9,000 shares of common stock for equipment with a market value of $100,000. Issued 300 shares of preferred stock to acquire a patent with a market value of $40,000. Jan. 12 Jan. 28 Issued 1,500 shares of common stock for $11 cash per share. Jan. 30 Issued 200 shares of preferred stock for $110 cash per share. Dec. 31 Closed net income of $43,500.
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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