Kernestine, Earlinger & Co. began a new public corporation. The corporation's common shares have no par value. During the first month of operations, it had the following share transactions. a) Kernestine, Earlinger & Co. issued 9,600 common shares for $93,000 on March 2, 2020. Write the journal entry to record the transaction. Do not enter dollar signs or commas in the input boxes. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Mar Issued common shares b) On March 2, 2020, Kernestine, Earlinger & Co. issued an additional 7,100 common shares in exchange for equipment and a building. The equipment was valued at $68,000 and the building valued at $136,000. Record the transaction. Date Account Title and Explanation Debit Credit Mar Common Shaers Exchanged building and equipment for common shares c) The lawyer that handled the issue of shares has sent a bill for $4,600. The lawyer has agreed to accept 520 common shares instead of cash. Record the transaction on March 15, 2020. Date Account Title and Explanation Debit Credit Mar 15 Paid lawyer's fee with common shares

Kernestine, Earlinger & Co. began a new public corporation. The corporation's common shares have no par value. During the first month of operations, it had the following share transactions. a) Kernestine, Earlinger & Co. issued 9,600 common shares for $93,000 on March 2, 2020. Write the journal entry to record the transaction. Do not enter dollar signs or commas in the input boxes. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Mar Issued common shares b) On March 2, 2020, Kernestine, Earlinger & Co. issued an additional 7,100 common shares in exchange for equipment and a building. The equipment was valued at $68,000 and the building valued at $136,000. Record the transaction. Date Account Title and Explanation Debit Credit Mar Common Shaers Exchanged building and equipment for common shares c) The lawyer that handled the issue of shares has sent a bill for $4,600. The lawyer has agreed to accept 520 common shares instead of cash. Record the transaction on March 15, 2020. Date Account Title and Explanation Debit Credit Mar 15 Paid lawyer's fee with common shares

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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