The New England Patriots sell deflated footballs, and were organized on March 1 of the current year with an authorization of 25,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: March 1: Issued 220,000 shares of common stock at par for cash. 1: Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. May 31: Issued 70,000 shares of common stock in exchange for land, buildings and equipment with fair market prices of $150,000, $560,000 and $165,000 respectively. July 1: Issued 18,000 shares of preferred stock at $110 for cash. Journalize the transactions.
The New England Patriots sell deflated footballs, and were organized on March 1 of the current year with an authorization of 25,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:
March 1: Issued 220,000 shares of common stock at par for cash.
1: Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
May 31: Issued 70,000 shares of common stock in exchange for land, buildings and equipment with fair market prices of $150,000, $560,000 and $165,000 respectively.
July 1: Issued 18,000 shares of
Journalize the transactions.
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