Wildhorse Corporation was organized on January 1, 2020. It is authorized to issue 9,300 shares of 8%, $ 100 par value preferred stock, and 503,100 shares of no-par common stock with a stated value of $ 1 per share. The following stock transactions were completed during the first year.Jan. 10 Issued 80,560 shares of common stock for cash at $ 7 per share.Mar. 1 Issued 5,680 shares of preferred stock for cash at $ 112 per share.Apr. 1 Issued 24,570 shares of common stock for land. The asking price of the land was $ 90,100; the fair value of the land was $ 80,560.May 1 Issued 80,560 shares of common stock for cash at $ 9 per share.Aug. 1 Issued 9,300 shares of common stock to attorneys in payment of their bill of $ 46,000 for services rendered in helping the company organize.Sept. 1 Issued 9,300 shares of common stock for cash at $ 11 per share.Nov. 1 Issued 1,090 shares of preferred stock for cash at $ 117 per share.Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Journal Entries: No. Date Account Titles Debit($) Credit($) 1 Jan. 10 Cash $563,920…

Answered: Wildhorse Corporation was organized on…

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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Wildhorse Corporation was organized on January 1, 2020. It is authorized to issue 9,300 shares of 8%, $ 100 par value preferred stock, and 503,100 shares of no-par common stock with a stated value of $ 1 per share. The following stock transactions were completed during the first year.

Jan. 10		Issued 80,560 shares of common stock for cash at $ 7 per share.
Mar. 1		Issued 5,680 shares of preferred stock for cash at $ 112 per share.
Apr. 1		Issued 24,570 shares of common stock for land. The asking price of the land was $ 90,100; the fair value of the land was $ 80,560.
May 1		Issued 80,560 shares of common stock for cash at $ 9 per share.
Aug. 1		Issued 9,300 shares of common stock to attorneys in payment of their bill of $ 46,000 for services rendered in helping the company organize.
Sept. 1		Issued 9,300 shares of common stock for cash at $ 11 per share.
Nov. 1		Issued 1,090 shares of preferred stock for cash at $ 117 per share.

Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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