X 13-5 Iss
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
EX 13-5
Issuing stock for assets other than cash
OBJ.3
On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange
for 30,000 shares of $80 par common stock valued at $112 per share. Journalize the entry
to record the transaction.
Transcribed Image Text:cer 13 Corporations: Organization, Stock Transactions, and Dividends
EX 13-5 Isuing stock for assets other than cashms
OBJ. 3
anon On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange
for 30,000 shares of $80 par common stock valued at $112 per share. Journalize the entry
to record the transaction.
209
2321
Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul
Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock
with a par of $1. The following transactions affecting stockholders' equity were completed
during the first
EX 13-6 Selected stock transactions
OBJ. 3
year
of operations:
a. Issued 100,000 shares of stock at par to Paul Glenn for cash.
b. Issued 3,000 shares of stock at par to Michele Kirby for promotional services provided
in connection with the organization of the corporation and issued 45,000 shares of
stock at par to Michele Kirby for cash.
c. Purchased land and a building from Gretchen Northway in exchange for stock issued
at par. The building is mortgaged for $180,000 for 20 years 2t G%, an
interest of $5 300
's accrued
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