EX 13-5Issuing stock for assets other than cashOBJ.3On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchangefor 30,000 shares of $80 par common stock valued at $112 per share. Journalize the entryto record the transaction. cer 13 Corporations: Organization, Stock Transactions, and DividendsEX 13-5 Isuing stock for assets other than cashmsOBJ. 3anon On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchangefor 30,000 shares of $80 par common stock valued at $112 per share. Journalize the entryto record the transaction.2092321Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, PaulGlenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stockwith a par of $1. The following transactions affecting stockholders' equity were completedduring the firstEX 13-6 Selected stock transactionsOBJ. 3yearof 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 providedin connection with the organization of the corporation and issued 45,000 shares ofstock at par to Michele Kirby for cash.c. Purchased land and a building from Gretchen Northway in exchange for stock issuedat par. The building is mortgaged for $180,000 for 20 years 2t G%, aninterest of $5 300's accrued

These are the accounting transactions that are having a monetary impact on the financial statement…

Answered: X 13-5 Iss

Business

Accounting

X 13-5 Iss

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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