COLLEGE ACCT.,CHAP.1-15(LL)-W/ACCESS
22nd Edition
ISBN: 9781305930667
Author: HEINTZ
Publisher: CENGAGE L
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Chapter 20, Problem 4SEB
STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTIONS, AND
- (a) Issued 6,000 shares of common stock with a $5 par value in exchange for real estate (land) with a fair market value of $33,500.
- (b) Issued 5,500 shares of common stock with a $5 par value and $7 fair market value in exchange for a building with an uncertain fair market value.
- (c) Received subscriptions for 11,000 shares of $5 par common stock for $58,000.
- (d) Received a payment of $29,000 on the stock subscription in transaction (c).
- (e) Received the balance in full for the stock subscription in transaction (c) and issued the stock.
- (f) Purchased 2,000 shares of its own $5 par common stock for $6 a share.
- (g) Sold 1,000 shares of the treasury stock in transaction (f) for $6.50 a share.
- (h) Sold 1,000 shares of the treasury stock in transaction (f) for $5.75 a share.
Prepare general
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Chapter 20 Solutions
COLLEGE ACCT.,CHAP.1-15(LL)-W/ACCESS
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