Q 1. The MM CORPORATION was organized the State of Wisconsin's. The charter authorized the Issuance of 1,000,000 shares of $ 2 PAR VALUE COMMON STOCK and additional 25000 shares of 4%, 20 par value cumulative convertible preferred stock that is callable $22 per share. Transactions that relate to the stock of the company are shown below: Feb 2 Issued 1,00,000 shares of common stock for S 250,000. Mar 5 Issued 60,000 shares of common stock JM CORPOARATION in exchange for a Building and land, which had an appraised value of $ 100,000 and $ 25000 , respectively. July 15 Issued 25000 shares of preferred stock for $500,000. Dec 31 The Company reported earnings of $ 40,000 for 2018 and the board declared dividends of S 20000. Dividends include preferred stock cash dividend for one- half year. Prepare the journal entries necessary to record a) these stock-related transactions. Prepare the stockholder's equity section of this corporation balance sheet as of december31. b)

Q 1. The MM CORPORATION was organized the State of Wisconsin's. The charter authorized the Issuance of 1,000,000 shares of $ 2 PAR VALUE COMMON STOCK and additional 25000 shares of 4%, 20 par value cumulative convertible preferred stock that is callable $22 per share. Transactions that relate to the stock of the company are shown below: Feb 2 Issued 1,00,000 shares of common stock for S 250,000. Mar 5 Issued 60,000 shares of common stock JM CORPOARATION in exchange for a Building and land, which had an appraised value of $ 100,000 and $ 25000 , respectively. July 15 Issued 25000 shares of preferred stock for $500,000. Dec 31 The Company reported earnings of $ 40,000 for 2018 and the board declared dividends of S 20000. Dividends include preferred stock cash dividend for one- half year. Prepare the journal entries necessary to record a) these stock-related transactions. Prepare the stockholder's equity section of this corporation balance sheet as of december31. b)

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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