A corporation was organized on January 1 of the current year with an authorization of 20,000 shares of 4%, $12 par preferred stock and 100,000 shares of $3 par common stock. The following selected transactions were completed during the first year of operations: Jan. 3 Issued 15,000 shares of common stock at $23 per share for cash. 31 Issued 200 shares of common stock to an attorney in payment of legal fees for organizing the corporation. The value of the stock at the time of payment was $25 per share. Feb. 24 Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $65,000, $120,000, and $45,000, respectively. Mar. 15 Issued 2,000 shares of preferred stock at $56 for cash. Required: Journalize the above transactions. If an amount box does not require an entry, leave it blank. Jan. 3 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 Jan. 31 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 Feb. 24 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 Mar. 15 fill in the blank 35 fill in the blank 36 fill in the blank 38 fill in the blank 39 fill in the blank 41 fill in the blank 42

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 9SPA: STOCK SUBSCRIPTIONS AND TREASURY STOCK Nash Roth formed a corporation and had the following...

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A corporation was organized on January 1 of the current year with an authorization of 20,000 shares of 4%, $12 par preferred stock and 100,000 shares of $3 par common stock.

The following selected transactions were completed during the first year of operations:

Jan. 3		Issued 15,000 shares of common stock at $23 per share for cash.
31		Issued 200 shares of common stock to an attorney in payment of legal fees for organizing the corporation. The value of the stock at the time of payment was $25 per share.
Feb. 24		Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $65,000, $120,000, and $45,000, respectively.
Mar. 15		Issued 2,000 shares of preferred stock at $56 for cash.

Required:

Journalize the above transactions. If an amount box does not require an entry, leave it blank.

Jan. 3	fill in the blank 2	fill in the blank 3
	fill in the blank 5	fill in the blank 6
	fill in the blank 8	fill in the blank 9
Jan. 31	fill in the blank 11	fill in the blank 12
	fill in the blank 14	fill in the blank 15
	fill in the blank 17	fill in the blank 18
Feb. 24	fill in the blank 20	fill in the blank 21
	fill in the blank 23	fill in the blank 24
	fill in the blank 26	fill in the blank 27
	fill in the blank 29	fill in the blank 30
	fill in the blank 32	fill in the blank 33
Mar. 15	fill in the blank 35	fill in the blank 36
	fill in the blank 38	fill in the blank 39
	fill in the blank 41	fill in the blank 42

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