Prepare journal entries to record the following four separate issuances of stock. 1. Issued 80 shares of $5 par value common stock for $700 cash. 2. Issued 40 shares of no-par common stock to promoters in exchange for their efforts, estimated to be worth $800. The stock has a $1 per share stated value. 3. Issued 40 shares of no-par common stock in exchange for land estimated to be worth $800. The stock has no stated value. 4. Issued 20 shares of no-par common stock with a stated value of $30 per share for $900 cash.
Prepare journal entries to record the following four separate issuances of stock. 1. Issued 80 shares of $5 par value common stock for $700 cash. 2. Issued 40 shares of no-par common stock to promoters in exchange for their efforts, estimated to be worth $800. The stock has a $1 per share stated value. 3. Issued 40 shares of no-par common stock in exchange for land estimated to be worth $800. The stock has no stated value. 4. Issued 20 shares of no-par common stock with a stated value of $30 per share for $900 cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare
1. Issued 80 shares of $5 par value common stock for $700 cash.
2. Issued 40 shares of no-par common stock to promoters in exchange for their efforts, estimated to be
worth $800. The stock has a $1 per share stated value.
3. Issued 40 shares of no-par common stock in exchange for land estimated to be worth $800. The stock
has no stated value.
4. Issued 20 shares of no-par common stock with a stated value of $30 per share for $900 cash.
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