Help pls Sheffield Corporation was organized on January 1, 2022, 1t is authorized to issue 11,000 shares of 8%, $100 par value preferred stockand 520,000 shares of no-par common stock with a stated value of $3 porshare. The following stock transactions were completed)during the first year.JanMarAprMayAug10.Sept.(a)11111Issued 75.500 shares of common stock for cash at Só pershare.issued 5.500 shares of preferred stock for cash at $110 per share.Issued 22,500 shares of common stock for land. The asking price of the land was $55 -500. Tre fair value of the landwas $80,0001ssued 81.500 shares of common stock for cash at $4:25 per shareissues 11,500 shares of common stock to attorneys in beyment of their bill of $39,500 for services performed inhelping the company organizeIssued 12.000 shares of common stock for cash at 56 pershareIssued 2,000 shares of preferred stock for cash at $110 per shereJournalize the transections. (List all dehit entries before credit entries Record journal entries in the order presented in the problems Creditaccount titles are automatically indented when amount is entered. Do not indent manuallyAccount Titles and ExplanationDateDebitCredit DateAccount Titles and ExplanationDebitCredit

Journal entries refers to the entries which are passed by the businesses at the fiscal year end and…

Sheffield Corporation was organized on January 1, 2022. 1118 authorized to issue 11.000 shares of 8%, $100 par value preferred stock and 520,000 shares of no-car common stock with a stated value of S3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 75.500 shares of common stock for cash at S6 pershare. issued 5.500 shares of preferred stock for cash at $110 per chare Issued 22,500 shares of common stock for Tard. The asking price of the land was 555-500 Tre fair value of the land was $80,000 Mar Apr May Aus 1 1 1 1 Sept. 1 Nov 2 Issued 81.500 shares of common stock for cash at $125 per share issues 11,500 shares of common stock to attorneys in payment of their bill of $19,500 for wevices performed in helping the company organize Issued 12.000 shares of common stock for cash at 56 pershare Issued 2.000 shares of preferred stock for cash at $110 per share

Sheffield Corporation was organized on January 1, 2022. 1118 authorized to issue 11.000 shares of 8%, $100 par value preferred stock and 520,000 shares of no-car common stock with a stated value of S3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 75.500 shares of common stock for cash at S6 pershare. issued 5.500 shares of preferred stock for cash at $110 per chare Issued 22,500 shares of common stock for Tard. The asking price of the land was 555-500 Tre fair value of the land was $80,000 Mar Apr May Aus 1 1 1 1 Sept. 1 Nov 2 Issued 81.500 shares of common stock for cash at $125 per share issues 11,500 shares of common stock to attorneys in payment of their bill of $19,500 for wevices performed in helping the company organize Issued 12.000 shares of common stock for cash at 56 pershare Issued 2.000 shares of preferred stock for cash at $110 per share

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

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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