2. The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2015 and that Mason Company's charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. They have asked you to prepare the company's journal entries and statement of owner's equity based on the following information which is grouped according to your surname name initial (T). (Hint!!!! Example surname Manuel will use the initial M and that person should only use the info presented in line with the heading with their surname initial. Please use information in the row with letter (T) Issued 80,000 shares of common stock. Stock has par value of 0.50_ per share and was issued at $ 30_ per share. (please refer to table below and use only the info in line with your surname initial (T) in the blank/underlined space) Par value # of shares issued 5,000 $ 15,000 $ 45,500 $ 65,000 $ 80,000 $ 100,000 $ Surname Initial Issue Price A, P, I, E, V C, O, R, Y К, Q, М, F S, W, G, Z D, T, L, U N, B, J, X, Н 0.01 $ 30.00 0.10 $ 30.00 0.30 $ 0.40 $ 30.00 30.00 0.50 $ 30.00 0.60 $ 30.00 Issued 12,000 shares of preferred stock at par value as payment in exchange for legal services. (please refer to table below and use only the info in line with your surname initial (T) in the blank/underlined space) Surname Initial А, Р. І, Е, V C, O, R, Y K, Q, M, F S, W, G, Z D, T, L, U N, B, J, X, H # of shares issued 2,000 5,000 8,000 10,000 12,000 14,000
2. The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2015 and that Mason Company's charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. They have asked you to prepare the company's journal entries and statement of owner's equity based on the following information which is grouped according to your surname name initial (T). (Hint!!!! Example surname Manuel will use the initial M and that person should only use the info presented in line with the heading with their surname initial. Please use information in the row with letter (T) Issued 80,000 shares of common stock. Stock has par value of 0.50_ per share and was issued at $ 30_ per share. (please refer to table below and use only the info in line with your surname initial (T) in the blank/underlined space) Par value # of shares issued 5,000 $ 15,000 $ 45,500 $ 65,000 $ 80,000 $ 100,000 $ Surname Initial Issue Price A, P, I, E, V C, O, R, Y К, Q, М, F S, W, G, Z D, T, L, U N, B, J, X, Н 0.01 $ 30.00 0.10 $ 30.00 0.30 $ 0.40 $ 30.00 30.00 0.50 $ 30.00 0.60 $ 30.00 Issued 12,000 shares of preferred stock at par value as payment in exchange for legal services. (please refer to table below and use only the info in line with your surname initial (T) in the blank/underlined space) Surname Initial А, Р. І, Е, V C, O, R, Y K, Q, M, F S, W, G, Z D, T, L, U N, B, J, X, H # of shares issued 2,000 5,000 8,000 10,000 12,000 14,000
Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation
Section: Chapter Questions
Problem 34P
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Please answer part 2 requirement A and B.
Kindly note that this is NOT a writing assignment but an accounting assignment asking to:
A. Prepare the
B. Prepare Mason Company’s
Thank you.
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