Swifty Corporation was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock and 462,000 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 77,000 shares of common stock for cash at $6 per share. Issued 5,500 shares of preferred stock for cash at $110 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $84,000. Issued 76,500 shares of common stock for cash at $5.25 per share. Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 3,000 shares of preferred stock for cash at $112 per share. Mar. Apr. May Aug 1 1 1 1 Sept. 1 Nov. 1

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...
icon
Related questions
Question
Provide journal entry and balance sheet,,,,,,,,,,,,,,,,,,,,,,,,answer in text form please (without image)
Swifty Corporation was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock,
and 462,000 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
Mar. 1
Apr.
May
Aug
1
1
1
Sept. 1
Nov.
1
Issued 77,000 shares of common stock for cash at $6 per share.
Issued 5,500 shares of preferred stock for cash at $110 per share.
Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land
was $84,000.
Issued 76,500 shares of common stock for cash at $5.25 per share.
Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in
helping the company organize.
Issued 12,000 shares of common stock for cash at $7 per share.
Issued 3,000 shares of preferred stock for cash at $112 per share.
Transcribed Image Text:Swifty Corporation was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock, and 462,000 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 Mar. 1 Apr. May Aug 1 1 1 Sept. 1 Nov. 1 Issued 77,000 shares of common stock for cash at $6 per share. Issued 5,500 shares of preferred stock for cash at $110 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $84,000. Issued 76,500 shares of common stock for cash at $5.25 per share. Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 3,000 shares of preferred stock for cash at $112 per share.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning