Flounder Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 505,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 77,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,800 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $81.000. May 1 Aug 1. Issued 76,000 shares of common stock for cash at $4.25 per share. Issued 10,500 shares of common stock to attorneys in payment of their bill of $36.000 for services performed in helping the company organize Issued 12.000 shares of common stock for cash at $5 per share. Sept. 1 Nov. 1 Issued 3,000 shares of preferred stock for cash at $112 per share. Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the Mar. 1 Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Stated Value-Common Stock

Flounder Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 505,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 77,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,800 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $81.000. May 1 Aug 1. Issued 76,000 shares of common stock for cash at $4.25 per share. Issued 10,500 shares of common stock to attorneys in payment of their bill of $36.000 for services performed in helping the company organize Issued 12.000 shares of common stock for cash at $5 per share. Sept. 1 Nov. 1 Issued 3,000 shares of preferred stock for cash at $112 per share. Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the Mar. 1 Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Stated Value-Common Stock

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

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
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