Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 100,000 shares of common stock at par for cash. Feb. 5. Cash Common Stock 38 Check My Work Feb. 5. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses 86 Common Stock Fechack Check My Work Apr. 9. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $58,000, $318,000, and $72,000, respectively. Apr. 9. Land - ✓ Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback Check My Work June 14. Issued 30,000 shares of preferred stock at $84 for cash. June 14. Cash -✓ Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 000 38

Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 100,000 shares of common stock at par for cash. Feb. 5. Cash Common Stock 38 Check My Work Feb. 5. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses 86 Common Stock Fechack Check My Work Apr. 9. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $58,000, $318,000, and $72,000, respectively. Apr. 9. Land - ✓ Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback Check My Work June 14. Issued 30,000 shares of preferred stock at $84 for cash. June 14. Cash -✓ Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 000 38

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...

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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: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
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Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Journalize the transactions.
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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.