Question 1The following selected transactions pertain to L. Lewis Corporation:Jan.3Issued 100,000 shares, $10 par value, common stock for $25pershare.Issued 6,000 shares, $10 par value, common stock in exchange for special purposeequipment. L. Lewis Corporation's common stock has been actively traded on thestock exchange at $30Feb. 10pershare.InstructionsJournalize the transactions. Question 2The corporate charter of Maine Yacht Corporation allows the issuance of a maximum of3,000,000 shares of $1 par value common stock. During its first three years of operation, Maineissued 2,200,000 shares at $15 per share. It later acquired 30,000 of these shares as treasurystock for $25 per share.InstructionsBased on the above information, answer the following questions:(a) How many shares were authorized?(b) How many shares were issued?(c) How many shares are outstanding?(d) What is the balance of the Common Stock account?(e) What is the balance of the Treasury Stock account?

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The following selected transactions pertain to L. Lewis Corporation: Jan. 3 Issued 100,000 shares, $10 par value, common stock for $25 per share. Issued 6,000 shares, $10 par value, common stock in exchange for special purpose equipment. L. Lewis Corporation's common stock has been actively traded on the stock exchange at $30 Feb. 10 per share. Instructions Journalize the transactions.

The following selected transactions pertain to L. Lewis Corporation: Jan. 3 Issued 100,000 shares, $10 par value, common stock for $25 per share. Issued 6,000 shares, $10 par value, common stock in exchange for special purpose equipment. L. Lewis Corporation's common stock has been actively traded on the stock exchange at $30 Feb. 10 per share. Instructions Journalize the transactions.

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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