Grouper Corporation is authorized to issue 22,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (11,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (69,000 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During 2022, the following transactions occurred. Mar. 1 July Sept. 1 Dec. (a) $575,000 1 74,000 Feb. 1 Issued 1,900 shares of preferred stock for land having a fair value of $125,000. Issued 1,000 shares of preferred stock for cash at $70 per share. 1 Issued 17,000 shares of common stock for cash at $7 per share. Issued 550 shares of preferred stock for a patent. The asking price of the patent was $31,500. Market price for the preferred stock was $71 and the fair value for the patent was indeterminable. Issued 8,250 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for the year was $257,000. No dividends were declared. 345,000 690,000 290,000
Grouper Corporation is authorized to issue 22,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (11,500 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock (69,000 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During 2022, the following transactions occurred. Mar. 1 July Sept. 1 Dec. (a) $575,000 1 74,000 Feb. 1 Issued 1,900 shares of preferred stock for land having a fair value of $125,000. Issued 1,000 shares of preferred stock for cash at $70 per share. 1 Issued 17,000 shares of common stock for cash at $7 per share. Issued 550 shares of preferred stock for a patent. The asking price of the patent was $31,500. Market price for the preferred stock was $71 and the fair value for the patent was indeterminable. Issued 8,250 shares of common stock for cash at $7.50 per share. Dec. 31 Net income for the year was $257,000. No dividends were declared. 345,000 690,000 290,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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