Sep. 6 Issued 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500. 12 Issued 400 shares of preferred stock for cash of $23,000. Issued 1,500 shares of common stock in exchange for land with a market 14 value of $17,000.
Sep. 6 Issued 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500. 12 Issued 400 shares of preferred stock for cash of $23,000. Issued 1,500 shares of common stock in exchange for land with a market 14 value of $17,000.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 1MC
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Question
Journalizing issuance of stock and preparing the
The charter for ASAP-TV, Inc. authorizes the company to issue 100,000 shares of $5, no-par
Requirements
- Record the transactions in the general journal.
- Prepare the stockholders’ equity section of the ASARTV balance sheet at September 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month.
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