Issuing stockProfessional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of50,000 shares of preferred 2% stock. $60 par and 1,000,000 shares of $8par common stock. The following selected transactions were completedduring the first year of operations: Feb. 5. Issued 700,000 shares of common stock at par for cash.5. Issued 1,200 shares of common stock at par to an attorney inpayment of legal fees for organizing the corporation. Apr. 9. Issued 40,000 shares of common stock in exchange for land,buildings, and equipment with fair market prices of $ 120,000, $280,000,and $80,000, respectively. June 14. Issued 25,000 shares of preferred stock at $82 for cash. Journalize the transactions.
Issuing stock
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of
50,000 shares of preferred 2% stock. $60 par and 1,000,000 shares of $8
par common stock. The following selected transactions were completed
during the first year of operations:
Feb. 5. Issued 700,000 shares of common stock at par for cash.
5. Issued 1,200 shares of common stock at par to an attorney in
payment of legal fees for organizing the corporation.
Apr. 9. Issued 40,000 shares of common stock in exchange for land,
buildings, and equipment with fair market prices of $ 120,000, $280,000,
and $80,000, respectively.
June 14. Issued 25,000 shares of
Journalize the transactions.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
