St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Jan. Issued 143,000 common shares at $8 share. 31 Jun. Issued 164,000 preferred shares in exchange for land with a clearly 10 determined value of $850,000. Aug. Issued 8,000 shares of common stock for $10 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Jan. Issued 143,000 common shares at $8 share. 31 Jun. Issued 164,000 preferred shares in exchange for land with a clearly 10 determined value of $850,000. Aug. Issued 8,000 shares of common stock for $10 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

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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