Presented below was the stockholders' equity section of Wiley Corporation's balance sheet at December 31, 2020. Wiley Corporation Balance Sheet (partial) At December 31, 2020 Stockholders' Equity Paid-in Capital Common Stock, $8 par value, 3,000,000 shares authorized, $10,160,000 1,270,000 issued and outstanding Paid-in Capital in Excess of Par- Common Stock $3,810,000 Total Paid-in Capital $13,970,000 Retained Earnings $8.200,000 Total Stockholders' Equity $22,170,000 The following transactions occurred throughout 2021: Jan 4 Issued 170,000 shares of common stock at $17 per share Feb 23 Issued 190,000 shares of stock for land. The land had an asking price of $1,700,000. The stocks were being traded at $20 per share at the stock exchange May 16 Issued 320,000 shares of common stock at $15 per share Aug 22 Issued 250,000 shares of common stock for office building. The fair value of office building was $4,750,000 Sept 22 Issued 75,000 shares of common stock at $22 per share Dec 12 Attorneys for the company accepted 8,500 shares of common stock as payment for legal expense. The legal expense had a value of $87,000 Instructions: ) Prepare the journal entries to record the above stock transactions.

Presented below was the stockholders' equity section of Wiley Corporation's balance sheet at December 31, 2020. Wiley Corporation Balance Sheet (partial) At December 31, 2020 Stockholders' Equity Paid-in Capital Common Stock, $8 par value, 3,000,000 shares authorized, $10,160,000 1,270,000 issued and outstanding Paid-in Capital in Excess of Par- Common Stock $3,810,000 Total Paid-in Capital $13,970,000 Retained Earnings $8.200,000 Total Stockholders' Equity $22,170,000 The following transactions occurred throughout 2021: Jan 4 Issued 170,000 shares of common stock at $17 per share Feb 23 Issued 190,000 shares of stock for land. The land had an asking price of $1,700,000. The stocks were being traded at $20 per share at the stock exchange May 16 Issued 320,000 shares of common stock at $15 per share Aug 22 Issued 250,000 shares of common stock for office building. The fair value of office building was $4,750,000 Sept 22 Issued 75,000 shares of common stock at $22 per share Dec 12 Attorneys for the company accepted 8,500 shares of common stock as payment for legal expense. The legal expense had a value of $87,000 Instructions: ) Prepare the journal entries to record the above stock transactions.

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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