Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 8% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: May 1 Issued 2,500 shares of preferred stock for cash at $350 per share. May 23 Issued 5,000 shares of common stock at $15.50 per share. Jun. 10 Issued 15,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $15 per share. Prepare the journal entries to record the transactions. If an amount box đoes not require an entry, leave it blank.

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 17E
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Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 8% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par
value common stock. In its first year, the corporation has the following transactions:
May 1
Issued 2,500 shares of preferred stock for cash at $350 per share.
May 23
Issued 5,000 shares of common stock at $15.50 per share.
Jun. 10
Issued 15,000 shares of common stock for equipment without a readily determinable value. The stock is currently
trading at $15 per share.
Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.
Cash v
May 1
875,000
Preferred Stock v
Additional Paid-in Capital from Preferred Stock
May 23 Cash
77,500
Common Stock
25,000
Additional Paid-in Capital from Common Stock
Jun. 10 Equipment y
Common Stock /
Additional Paid-in Capital from Common Stock
75,000 V
Fఇండడ
Check My Work
Transcribed Image Text:☆国 マ*Pau engageNOWv2 | Online teachin X /takeAssignment/takeAssignmentMain.do?invoker3D&takeAssignmentSessionLocator%3D&inprogress%-false Calculator Print Item Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 8% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: May 1 Issued 2,500 shares of preferred stock for cash at $350 per share. May 23 Issued 5,000 shares of common stock at $15.50 per share. Jun. 10 Issued 15,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $15 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Cash v May 1 875,000 Preferred Stock v Additional Paid-in Capital from Preferred Stock May 23 Cash 77,500 Common Stock 25,000 Additional Paid-in Capital from Common Stock Jun. 10 Equipment y Common Stock / Additional Paid-in Capital from Common Stock 75,000 V Fఇండడ Check My Work
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