Tamarisk Corporation's charter authorized issuance of 96,000 shares of $10 par value common stock and 47,700 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. Issued a $9,800, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $113 a share. Issued 540 shares of common stock for equipment. The equipment had been appraised at $7.400; the seller's book value was $5,800. The most recent market price of the common stock is $17 a share. Issued 248 shares of common and 124 shares of preferred for a lump sum amounting to $9,700. The common had been selling at $15 and the preferred at $70. Issued 210 shares of common and 47 shares of preferred for equipment. The common had a fair value of $17 per share: the equipment has a fair value of $7,000. Record the transactions listed above in journal entry form. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, eg. 38,487. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Tamarisk Corporation's charter authorized issuance of 96,000 shares of $10 par value common stock and 47,700 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. Issued a $9,800, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $113 a share. Issued 540 shares of common stock for equipment. The equipment had been appraised at $7.400; the seller's book value was $5,800. The most recent market price of the common stock is $17 a share. Issued 248 shares of common and 124 shares of preferred for a lump sum amounting to $9,700. The common had been selling at $15 and the preferred at $70. Issued 210 shares of common and 47 shares of preferred for equipment. The common had a fair value of $17 per share: the equipment has a fair value of $7,000. Record the transactions listed above in journal entry form. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, eg. 38,487. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format ?.
Transcribed Image Text:Tamarisk Corporation's charter authorized issuance of 96,000 shares of $10 par value common stock and 47,700 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.
Issued a $9,800, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for
$113 a share.
Issued 540 shares of common stock for equipment. The equipment had been appraised at $7.400; the seller's book value was
$5,800. The most recent market price of the common stock is $17 a share.
Issued 248 shares of common and 124 shares of preferred for a lump sum amounting to $9,700. The common had been selling
at $15 and the preferred at $70,
Issued 210 shares of common and 47 shares of preferred for equipment. The common had a fair value of $17 per share; the
equipment has a fair value of $7,000.
Record the transactions listed above in journal entry form. (List all debit entries before credit entries. Do not round intermediate
calculations. Round final answers to O decimal places, eg. 38,487. Credit account titles are automatically indented when the amount is entered.
Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education