Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 38,000 shares at $9 share. Jun. 10 Issued 120,000 shares in exchange for land with a clearly determined value of $830,000. Aug. 3 Purchased 10,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 __________ __________ __________ __________ __________ __________ Jun. 10 __________ __________ __________ __________ __________ __________ Aug. 3 __________ __________ __________ __________ B. Calculate how many shares of stock are outstanding at August 3. __________ shares
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 38,000 shares at $9 share. Jun. 10 Issued 120,000 shares in exchange for land with a clearly determined value of $830,000. Aug. 3 Purchased 10,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 __________ __________ __________ __________ __________ __________ Jun. 10 __________ __________ __________ __________ __________ __________ Aug. 3 __________ __________ __________ __________ B. Calculate how many shares of stock are outstanding at August 3. __________ shares
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 5EA: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first...
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Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions:
Jan. 31 | Issued 38,000 shares at $9 share. |
Jun. 10 | Issued 120,000 shares in exchange for land with a clearly determined value of $830,000. |
Aug. 3 | Purchased 10,000 shares of |
A. Prepare the
Jan. 31 | __________ | __________ | |
__________ | __________ | ||
__________ | __________ | ||
Jun. 10 | __________ | __________ | |
__________ | __________ | ||
__________ | __________ | ||
Aug. 3 | __________ | __________ | |
__________ | __________ |
B. Calculate how many shares of stock are outstanding at August 3.
__________ shares
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