Wildhorse Corporation was organized on January 1, 2025. It is authorized to issue 9,200 shares of 8%, $100 par value preferred stock, and 538,600 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 80,120 shares of common stock for cash at $6 per share. Mar. Issued 5,470 shares of preferred stock for cash at $112 per share. Apr. Issued 24,910 shares of common stock for land. The asking price of the land was $90,180; the fair value of the land was $80,120. May Aug. Sept. Nov. 1 1 Issued 80,120 shares of common stock for cash at $9 per share. Issued 9,200 shares of common stock to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. 1 Issued 9,200 shares of common stock for cash at $11 per share. 1 Issued 1,090 shares of preferred stock for cash at $113 per share. 1 1 Prepare the journal entries to cord the above transactions. (List all debit entries before credit entries. Credit account titles are W automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
Wildhorse Corporation was organized on January 1, 2025. It is authorized to issue 9,200 shares of 8%, $100 par value preferred stock, and 538,600 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 80,120 shares of common stock for cash at $6 per share. Mar. Issued 5,470 shares of preferred stock for cash at $112 per share. Apr. Issued 24,910 shares of common stock for land. The asking price of the land was $90,180; the fair value of the land was $80,120. May Aug. Sept. Nov. 1 1 Issued 80,120 shares of common stock for cash at $9 per share. Issued 9,200 shares of common stock to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. 1 Issued 9,200 shares of common stock for cash at $11 per share. 1 Issued 1,090 shares of preferred stock for cash at $113 per share. 1 1 Prepare the journal entries to cord the above transactions. (List all debit entries before credit entries. Credit account titles are W automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Wildhorse Corporation was organized on January 1, 2025. It is authorized to issue 9,200 shares of 8%, $100 par value preferred stock,
and 538,600 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
Mar. 1
Apr.
May
Aug.
1
1
1
Sept. 1
Nov. 1
Issued 80,120 shares of common stock for cash at $6 per share.
Issued 5,470 shares of preferred stock for cash at $112 per share.
Issued 24,910 shares of common stock for land. The asking price of the land was $90,180; the fair value of the land
was $80,120.
Issued 80,120 shares of common stock for cash at $9 per share.
Issued 9,200 shares of common stock to attorneys in payment of their bill of $51,900 for services rendered in helping
the company organize.
Issued 9,200 shares of common stock for cash at $11 per share.
Issued 1,090 shares of preferred stock for cash at $113 per share.
Prepare the journal entries to cord the above transactions. (List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter o for the amounts. Record entries in the order displayed in the problem statement.)
Date
0 0
Account Titles and Explanation
Debit
Credit
DOCTO
TOULONS
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