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. 31Issued 41,000 shares at $10 share.Jun. 10Issued 130,000 shares in exchange for land with a clearly determined value of $830,000.Aug. 3Purchased 8,000 shares of treasury stock at $9 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 5b050cfc1fe8fc9_2fill in the blank 5b050cfc1fe8fc9_3 fill in the blank 5b050cfc1fe8fc9_5fill in the blank 5b050cfc1fe8fc9_6 fill in the blank 5b050cfc1fe8fc9_8fill in the blank 5b050cfc1fe8fc9_9Jun. 10 fill in the blank 5b050cfc1fe8fc9_11fill in the blank 5b050cfc1fe8fc9_12 fill in the blank 5b050cfc1fe8fc9_14fill in the blank 5b050cfc1fe8fc9_15 fill in the blank 5b050cfc1fe8fc9_17fill in the blank 5b050cfc1fe8fc9_18Aug. 3 fill in the blank 5b050cfc1fe8fc9_20fill in the blank 5b050cfc1fe8fc9_21 fill in the blank 5b050cfc1fe8fc9_23fill in the blank 5b050cfc1fe8fc9_24B. Calculate how many shares of stock are outstanding at August 3.fill in the blank 9ff394fd0fd0fe3_1 shares Fortuna Company is authorized to issue 1,000,000 shares of $1 par value commonstock. In its first year, the company has the following transactions:Jan. 31Issued 41,000 shares at $10 share.Jun. 10Issued 130,000 shares in exchange for land with a clearly determined valueAug. 3Purchased 8,000 shares of treasury stock at $9 per share.A. Prepare the journal entries to record the transactions. If an amount box does notrequire an entry, leave it blank.Jan. 31Jun. 10Aug. 3B. Calculate how many shares of stock are outstanding at August 3.shares

When shares of the company are issued at a value more than par value, then it means shares are…

Answered: ortuna Company is authorized to issue…

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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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 41,000 shares at $10 share.
Jun. 10	Issued 130,000 shares in exchange for land with a clearly determined value of $830,000.
Aug. 3	Purchased 8,000 shares of treasury stock at $9 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 5b050cfc1fe8fc9_2	fill in the blank 5b050cfc1fe8fc9_3
	fill in the blank 5b050cfc1fe8fc9_5	fill in the blank 5b050cfc1fe8fc9_6
	fill in the blank 5b050cfc1fe8fc9_8	fill in the blank 5b050cfc1fe8fc9_9
Jun. 10	fill in the blank 5b050cfc1fe8fc9_11	fill in the blank 5b050cfc1fe8fc9_12
	fill in the blank 5b050cfc1fe8fc9_14	fill in the blank 5b050cfc1fe8fc9_15
	fill in the blank 5b050cfc1fe8fc9_17	fill in the blank 5b050cfc1fe8fc9_18
Aug. 3	fill in the blank 5b050cfc1fe8fc9_20	fill in the blank 5b050cfc1fe8fc9_21
	fill in the blank 5b050cfc1fe8fc9_23	fill in the blank 5b050cfc1fe8fc9_24

B. Calculate how many shares of stock are outstanding at August 3.

fill in the blank 9ff394fd0fd0fe3_1 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 41,000 shares at $10 share.
Jun. 10
Issued 130,000 shares in exchange for land with a clearly determined value
Aug. 3
Purchased 8,000 shares of treasury stock at $9 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
Jun. 10
Aug. 3
B. Calculate how many shares of stock are outstanding at August 3.
shares

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