Mailmax Direct is incorporated in the state of Arizona. Their charterauthorized Mailmax to issue 1,000 shares of 6%, $100 par preferred stock and250,000 shares of $10 par common stock. In its first month, Mailmaxcompleted the following transactions. Prepare the necessary entry:Jan. 3Issued 9,000 shares of common stock for equipment with amarket value of $100,000.Jan. 12Issued 300 shares of preferred stock to acquire a patentwith a market value of $40,000.Jan, 28Issued 1,500 shares of common stock for $11 cash per share.Jan. 30Issued 200 shares of preferred stock for $110 cash per share.Dec. 31Closed net income of $43,500.Mailmax DirectStockholders' EquityPaid in Capital:Preferred Stock, 6%, $100 par, 1,000 shares authorized500 shares issuedCommon Stock, $10 par, 250,000 shares authorized,shares issued and outstandingPaid in Capital in Excess of parTotal Paid in CapitalRetained EarningsTotal Stockholders' Equity

The shareholder's equity section is prepared to record the equity that belongs to the shareholders…

Mailmax Direct is incorporated in the state of Arizona. Their charter authorized Mailmax to issue 1,000 shares of 6%, $100 par preferred stock and 250,000 shares of $10 par common stock. In its first month, Mailmax completed the following transactions. Prepare the necessary entry: Jan. 3 Issued 9,000 shares of common stock for equipment with a market value of $100,000. Issued 300 shares of preferred stock to acquire a patent with a market value of $40,000. Jan. 12 Jan. 28 Issued 1,500 shares of common stock for $11 cash per share. Jan. 30 Issued 200 shares of preferred stock for $110 cash per share. Dec. 31 Closed net income of $43,500.

Mailmax Direct is incorporated in the state of Arizona. Their charter authorized Mailmax to issue 1,000 shares of 6%, $100 par preferred stock and 250,000 shares of $10 par common stock. In its first month, Mailmax completed the following transactions. Prepare the necessary entry: Jan. 3 Issued 9,000 shares of common stock for equipment with a market value of $100,000. Issued 300 shares of preferred stock to acquire a patent with a market value of $40,000. Jan. 12 Jan. 28 Issued 1,500 shares of common stock for $11 cash per share. Jan. 30 Issued 200 shares of preferred stock for $110 cash per share. Dec. 31 Closed net income of $43,500.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

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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