Marigold Corporation was organized on January 1, 2025. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 535,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Issued 80,370 shares of common stock for cash at $6 per share. Issued 5,570 shares of preferred stock for cash at $110 per share. Issued 24,250 shares of common stock for land. The asking price of the land was $91,730; the fair value of the land was $80,370. Issued 80,370 shares of common stock for cash at $8 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $54,600 for services rendered in helping the company organize. Sept. Issued 11,000 shares of common stock for cash at $10 per share. Nov. 1 Issued 1,100 shares of preferred stock for cash at $115 per share. Jan. 10 Mar. 1 Apr. May Aug. 1 1 1 Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
Marigold Corporation was organized on January 1, 2025. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 535,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Issued 80,370 shares of common stock for cash at $6 per share. Issued 5,570 shares of preferred stock for cash at $110 per share. Issued 24,250 shares of common stock for land. The asking price of the land was $91,730; the fair value of the land was $80,370. Issued 80,370 shares of common stock for cash at $8 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $54,600 for services rendered in helping the company organize. Sept. Issued 11,000 shares of common stock for cash at $10 per share. Nov. 1 Issued 1,100 shares of preferred stock for cash at $115 per share. Jan. 10 Mar. 1 Apr. May Aug. 1 1 1 Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.6E
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Marigold Corporation was organized on January 1, 2025. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock,
and 535,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed
during the first year.
Jan. 10
Issued 80,370 shares of common stock for cash at $6 per share.
Issued 5,570 shares of preferred stock for cash at $110 per share.
Issued 24,250 shares of common stock for land. The asking price of the land was $91,730; the fair value of the land
was $80,370.
Issued 80,370 shares of common stock for cash at $8 per share.
Issued 11,000 shares of common stock to attorneys in payment of their bill of $54,600 for services rendered in
helping the company organize.
Sept. 1
Issued 11,000 shares of common stock for cash at $10 per share.
Nov. 1 Issued 1,100 shares of preferred stock for cash at $115 per share.
Mar. 1
Apr. 1
May
Aug.
1
1
Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter O for the amounts. Record entries in the order displayed in the problem statement.)
Date
Account Titles and Explanation
Debit
C
Credit
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