Homework Help is Here – Start Your Trial Now!
Business
Accounting
A company was organized on January 1, 2020. It is authorized to issue 216,000 shares of 5%, $10 par value preferred stock, and 194,000 shares of common stock with a par value of $2 per share. On March 1st, the company issued 19,000 shares of preferred stock for a building. The asking price of the building was $495,000; the fair value of the building was $332,000. In the journal entry to record this transaction, how much should be recorded for Paid-in Capital in Excess of Par – Preferred Stock?

A company was organized on January 1, 2020. It is authorized to issue 216,000 shares of 5%, $10 par value preferred stock, and 194,000 shares of common stock with a par value of $2 per share. On March 1st, the company issued 19,000 shares of preferred stock for a building. The asking price of the building was $495,000; the fair value of the building was $332,000. In the journal entry to record this transaction, how much should be recorded for Paid-in Capital in Excess of Par – Preferred Stock?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 10EB: Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first...
See similar textbooks
icon
Related questions
Question

A company was organized on January 1, 2020. It is authorized to issue 216,000 shares of 5%, $10 par value preferred stock, and 194,000 shares of common stock with a par value of $2 per share. On March 1st, the company issued 19,000 shares of preferred stock for a building. The asking price of the building was $495,000; the fair value of the building was $332,000. In the journal entry to record this transaction, how much should be recorded for Paid-in Capital in Excess of Par – Preferred Stock?

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Earning per share and Dilutive securities
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS