The company's charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: • KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues 380,000) shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,500,000 • The company sold 150,000 shares of common stock with $1 par value. Issued 23,000 shares of $16 par value preferred stock. Shares were issued at par.
The company's charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: • KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues 380,000) shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,500,000 • The company sold 150,000 shares of common stock with $1 par value. Issued 23,000 shares of $16 par value preferred stock. Shares were issued at par.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...
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