1Problem 1:t#The Highland Corporation was organized on January 1, 2022.4It is authorized to issue 20.000 shares of no par value preferred shares with a $3 dividend rateSand 500.000 no par value common shares. The following transactions were completed during the first year.7 Jan. 10.Issued 100.000 common shares for cash at $3 per share.9Mar. 1Issued 10,000 preferred shares for cash at $52 per share.10UApr. 1Issued 25.000 common shares for land. The fair market value of the land was $85,000itThe market value of the common shares was $3.50 per share on this date.14 May 1sued 75.000 common shares for cash at $4 per share.15July 2431Issued 10.000 common shares to lawyers in payment of their bill of $50,000 forservices rendered in helping the company organize. The market value of the shareswas $4.50 on this dateINDateJan. 10ParticularsO C

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The Highland Corporation was organized on January 1, 2022. It is authorized to issue 20.000 shares of no par value preferred shares with a $3 dividend rate and 500.000 no par value common shares. The following transactions were completed during the first year. Jan 10 Issued 100.000 common shares for cash at $3 per share. Mar. 1 Issued 10,000 preferred shares for cash at $52 per share. Apr 1 Issued 25.000 common shares for land. The fair market value of the land was $85.000 The market value of the common shares was $3.50 per share on this date May 1 Issued 75.000 common shares for cash at $4 per share. July 24 Issued 10.000 common shares to lawyers in payment of their bill of $50,000 for Date Jan. 10 Particulars

The Highland Corporation was organized on January 1, 2022. It is authorized to issue 20.000 shares of no par value preferred shares with a $3 dividend rate and 500.000 no par value common shares. The following transactions were completed during the first year. Jan 10 Issued 100.000 common shares for cash at $3 per share. Mar. 1 Issued 10,000 preferred shares for cash at $52 per share. Apr 1 Issued 25.000 common shares for land. The fair market value of the land was $85.000 The market value of the common shares was $3.50 per share on this date May 1 Issued 75.000 common shares for cash at $4 per share. July 24 Issued 10.000 common shares to lawyers in payment of their bill of $50,000 for Date Jan. 10 Particulars

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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