Earle Corporation was organized on January 1, 2012. It is authorized to issue 20,000shares of 6%, $50 par value preferred stock, and 500,000 shares of no-par common stock with astated value of $1 per share. The following stock transactions were completed during the firstP13-1CJournalize stock transactions,post, and prepare paid-in capitalsection.year.(SO 3, 5, 6)Jan. 10 Issued 100,000 shares of common stock for cash at $3pershare.GLSIssued 10,000 shares of preferred stock for cash at $55 per share.Issued 25,000 shares of common stock for land. The asking price of the land was$90,000. The company's estimate of fair value of the land was $75,000.Issued 75,000 shares of common stock for cash at $4Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000for services provided in helping the company organize.Issued 5,000 shares of common stock for cash at $6 per share.Issued 2,000 shares of preferred stock for cash at $60Mar. 1Apr. 1May 1Aug. 1pershare.Sept. 1Nov. 1pershare.Instructions(a) Journalize the transactions.(b) Post to the stockholders' equity accounts. (Use J1 as the posting reference.)(c) Prepare the paid-in capital section of stockholders' equity at December 31, 2012.(c) Total paid-in capital$1,425,000

Journal entries refers to posting of the transactions into the books of the company, then it is…

P13-1C Earle Corporation was organized on January 1, 2012. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Issued 100,000 shares of common stock for cash at $3 per share. Mar. 1 Issued 10,000 shares of preferred stock for cash at $55 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $90,000. The company's estimate of fair value of the land was $75,000. May 1 Issued 75,000 shares of common stock for cash at $4 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services provided in helping the company organize. Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $60 per share. Instructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (Use J1 as the posting reference.) 2010

P13-1C Earle Corporation was organized on January 1, 2012. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Issued 100,000 shares of common stock for cash at $3 per share. Mar. 1 Issued 10,000 shares of preferred stock for cash at $55 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $90,000. The company's estimate of fair value of the land was $75,000. May 1 Issued 75,000 shares of common stock for cash at $4 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services provided in helping the company organize. Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $60 per share. Instructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (Use J1 as the posting reference.) 2010

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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