Sheridan Corporation's charter authorized issuance of 97,000 shares of $10 par value common stock and 46,800 shares of $50 par value preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. 3. 4. Issued a $10,500, 10% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $99 a share. Issued 450 shares of common stock for equipment. The equipment had been appraised at $6,600; the seller's book value was $6,800. The most recent market price of the common stock is $17 a share. Issued 254 shares of common and 127 shares of preferred for a lump sum amounting to $10,900. The common had been selling at $15 and the preferred at $70. Issued 190 shares of common and 48 shares of preferred for equipment. The common had a fair value of $17 per share; the equipment has a fair value of $6,700. Record the transactions listed above in inurnal entor form 1 let all dahit antelor

Sheridan Corporation's charter authorized issuance of 97,000 shares of $10 par value common stock and 46,800 shares of $50 par value preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. 3. 4. Issued a $10,500, 10% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $99 a share. Issued 450 shares of common stock for equipment. The equipment had been appraised at $6,600; the seller's book value was $6,800. The most recent market price of the common stock is $17 a share. Issued 254 shares of common and 127 shares of preferred for a lump sum amounting to $10,900. The common had been selling at $15 and the preferred at $70. Issued 190 shares of common and 48 shares of preferred for equipment. The common had a fair value of $17 per share; the equipment has a fair value of $6,700. Record the transactions listed above in inurnal entor form 1 let all dahit antelor

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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