Sheffield Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 520,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.Jan.10 Issued 75,500 shares of common stock for cash at $6 per share.Mar.1 Issued 5,500 shares of preferred stock for cash at $110 per share.Apr.1 Issued 22,500 shares of common stock for land. The asking price of the land was $85,500. The fair value of the land was $80,000.May1 Issued 81,500 shares of common stock for cash at $4.25 per share.Aug.1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in helping the company organize.Sept.1 Issued 12,000 shares of common stock for cash at $6 per share.Nov.1 Issued 2,000 shares of preferred stock for cash at $110 per share.1. Journalize the transactions.

Date Account Titles and explanation Debit Credit Jan.10 Cash (75500*6) $453,000…

Answered: Sheffield Corporation was organized on…

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

Chapter16: Retained Earnings And Earnings Per Share

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Sheffield Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 520,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.

Jan.	10	Issued 75,500 shares of common stock for cash at $6 per share.
Mar.	1	Issued 5,500 shares of preferred stock for cash at $110 per share.
Apr.	1	Issued 22,500 shares of common stock for land. The asking price of the land was $85,500. The fair value of the land was $80,000.
May	1	Issued 81,500 shares of common stock for cash at $4.25 per share.
Aug.	1	Issued 11,500 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in helping the company organize.
Sept.	1	Issued 12,000 shares of common stock for cash at $6 per share.
Nov.	1	Issued 2,000 shares of preferred stock for cash at $110 per share.

1. Journalize the transactions.

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