C Corp. was incorporated on 1st January,2018. It is authorised to issue 21,000 shares of 9% @ $35 par value preferred stock and 500,000 shares of Common stock with the stated value of $ 5 per share. The following stock transactions took place during the year: Jan 10 Issued 80,000 shares of common stock for cash @ $ 7 per share. Feb 15 Issued 5,000 shares to Attorney in lieu of legal expenses incurred for incorporation of the company. March 1 Issued 2,000 preferred stock for cash at $40 per share. May 1 Issued 150,000 shares of common stock for cash @ $9 per share. Sept 1 issued 5,000 shares of common stock for cash @ 10 per share. Prepare the Stockholders Equity Account for December,2018
C Corp. was incorporated on 1st January,2018. It is authorised to issue 21,000 shares of 9% @ $35 par value preferred stock and 500,000 shares of Common stock with the stated value of $ 5 per share. The following stock transactions took place during the year: Jan 10 Issued 80,000 shares of common stock for cash @ $ 7 per share. Feb 15 Issued 5,000 shares to Attorney in lieu of legal expenses incurred for incorporation of the company. March 1 Issued 2,000 preferred stock for cash at $40 per share. May 1 Issued 150,000 shares of common stock for cash @ $9 per share. Sept 1 issued 5,000 shares of common stock for cash @ 10 per share. Prepare the Stockholders Equity Account for December,2018
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 2MC: Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions...
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C Corp. was incorporated on 1st January,2018. It is authorised to issue 21,000 shares of 9% @ $35 par value
Jan 10 Issued 80,000 shares of common stock for cash @ $ 7 per share.
Feb 15 Issued 5,000 shares to Attorney in lieu of legal expenses incurred for incorporation of the company.
March 1 Issued 2,000 preferred stock for cash at $40 per share.
May 1 Issued 150,000 shares of common stock for cash @ $9 per share.
Sept 1 issued 5,000 shares of common stock for cash @ 10 per share.
Prepare the
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