Sheffield Corp., a private corporation, received its articles of incorporation on January 3, 2021 It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year: Jan. 12 Issued 50,000 common shares for $5 per share. 24 Issued 950 common shares in payment of a $4,450 bill for legal services. July 11 Issued 1.000 preferred shares for $25 per share. Oct. 1 Issued 10,000 common shares in exchange for land. The land's fair value was estimated to be $54,800. Sheffield's accountant estimated that the fair value of the shares issued might be as high as Só per share. Journalize the share transactions. (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 journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record issuance of shares.) (To record issuance of shares.)

Sheffield Corp., a private corporation, received its articles of incorporation on January 3, 2021 It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year: Jan. 12 Issued 50,000 common shares for $5 per share. 24 Issued 950 common shares in payment of a $4,450 bill for legal services. July 11 Issued 1.000 preferred shares for $25 per share. Oct. 1 Issued 10,000 common shares in exchange for land. The land's fair value was estimated to be $54,800. Sheffield's accountant estimated that the fair value of the shares issued might be as high as Só per share. Journalize the share transactions. (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 journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record issuance of shares.) (To record issuance of shares.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 9P: Comprehensive Young Corporation has been operating successfully for several years. It is authorized...

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