The Lompoc Corporation is authorized to issue 690,000 shares of $7 par-value common stock and 290,000 shares of 6 percent, $110 par-value preferred stock. January 1 The corporation issued 29,000 shares of common stock to Charles Bogle for $27 per share, purchased with cash. January 2 Issued 6,000 shares of preferred stock to Floyd Merkle for $123 per share, purchased with cash. January 2 Paid the attorney $3,100 for legal fees, charter fee, and cost of engraving stock certificates. Prepare the journal entries to record the transactions.
The Lompoc Corporation is authorized to issue 690,000 shares of $7 par-value common stock and 290,000 shares of 6 percent, $110 par-value preferred stock. January 1 The corporation issued 29,000 shares of common stock to Charles Bogle for $27 per share, purchased with cash. January 2 Issued 6,000 shares of preferred stock to Floyd Merkle for $123 per share, purchased with cash. January 2 Paid the attorney $3,100 for legal fees, charter fee, and cost of engraving stock certificates. Prepare the journal entries to record the transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Lompoc Corporation is authorized to issue 690,000 shares of $7 par-value common stock and 290,000 shares of 6 percent, $110 par-value
| January 1 | The corporation issued 29,000 shares of common stock to Charles Bogle for $27 per share, purchased with cash. |
|---|---|
| January 2 | Issued 6,000 shares of preferred stock to Floyd Merkle for $123 per share, purchased with cash. |
| January 2 | Paid the attorney $3,100 for legal fees, charter fee, and cost of engraving stock certificates. |
Prepare the
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