Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions:Aug. 22Issued 2,000 shares of preferred stock at $105 per shareSep. 3Issued 80,000 shares of common stock at $13.25 per shareOct. 11Issued 12,000 shares of common stock for land valued at $156,000. The stock is currently trading at $12 per share, and the stock’s trading value is a more accurate determinant of the land’s value.Nov. 12Issued 5,000 shares of common stock at $15 per shareDec. 5Issued 1,000 shares of preferred stock at $112 per share

Journal entries: Date Account title and explanation Debit Credit Aug. 22 Cash [2,000 x $105 ]…

Answered: Autumn Corporation was organized in…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 3PB: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par...

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Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions:

Aug. 22	Issued 2,000 shares of preferred stock at $105 per share
Sep. 3	Issued 80,000 shares of common stock at $13.25 per share
Oct. 11	Issued 12,000 shares of common stock for land valued at $156,000. The stock is currently trading at $12 per share, and the stock’s trading value is a more accurate determinant of the land’s value.
Nov. 12	Issued 5,000 shares of common stock at $15 per share
Dec. 5	Issued 1,000 shares of preferred stock at $112 per share

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