PB3. LO 14.2 Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Aug. 22 Issued 2,000 shares of preferred stock at $105 per share Sep. 3 Issued 80,000 shares of common stock at $13.25 per share Oct. 11 Issued 12,000 shares of common stock for land valued at $156,000. The stock is currently trading at $12 per share, and the stock's trading value is a more accurate determinant of the land's value. Nov. 12 Issued 5,000 shares of common stock at $15 per share Dec. 5 Issued 1,000 shares of preferred stock at $112 per share

PB3. LO 14.2 Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Aug. 22 Issued 2,000 shares of preferred stock at $105 per share Sep. 3 Issued 80,000 shares of common stock at $13.25 per share Oct. 11 Issued 12,000 shares of common stock for land valued at $156,000. The stock is currently trading at $12 per share, and the stock's trading value is a more accurate determinant of the land's value. Nov. 12 Issued 5,000 shares of common stock at $15 per share Dec. 5 Issued 1,000 shares of preferred stock at $112 per share

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

B6
9
Current Attempt in Progress On May 1, Oriole Corporation incorporated and authorized 193,000 preferred shares and an unlimited number of common shares. On May 2, Oriole issued 2,800 common shares for $16 per share. On June 15, it issued an additional 1,100 common shares for $17 per share. On November 1, Oriole issued 160 preferred shares for $29 per share. On December 15, it issued an additional 160 preferred shares for $33 per share. (a) Record the share transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Sh44
10
TB MC Qu. 10-134 (Algo) Clothing Emporium was organized on January... Basu Emporium was organized on January 1, 2024. The firm was authorized to issue 140,000 shares of $8 par value common stock. During 2024, Basu Emporium had the following transactions relating to stockholders' equity: 1. Issued 42,000 shares of common stock at $10 per share 2. Issued 28,000 shares of common stock at $11 per share 3. Reported a net income of $140,000 4. Paid dividends of $70,000 What is total paid-in capital at the end of 2024? Multiple Choice $728,000 $658,000 $798,000 $868,000
PROBLEM 32: CYPRUS COMPANY began operation on January 1. Authorized were 20,000 shares of P10 par value ordinary shares and 40,000 shares of 10%, P 100 par value preference shares. The following transactions involving shareholders' equity occurred during the first year of operations. January 1 February 23 March 10 April 10 July 14 August 3 December 1 Issued 500 ordinary shares to the corporation promoters in exchange for property valued at P170,000 and services valued at P70,000. The property had cost the promoters P90,000 3 years before and was carried on the promoters' books at P50,000. 31 Issued 10,000 preference shares with a par value of P100 per share. The shares were issued at a price of P150 per share, and the company paid P75,000 to an agent for selling the shares. Sold 3,000 ordinary shares for P390 per share. Issue costs were P25,000 Cordillera Career Development College COLLEGE OF BUSINESS EDUCATION AND ADMINISTRATION Buyagan, Poblacion, La Trinidad, Benguet 4,000 ordinary…