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Home Q & A Board Other Fields Homework Help Business Accounting
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upton upton
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7 years ago
R. Red formed a corporation with an authorization of 20,000 shares of $50 par, 6% non-cumulative preferred stock and 100,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations. Journalize the transactions omitting explanations.

Jan   10   Issued 20,000 shares of common stock at par for cash.
   31   Issued 20,000 shares of common stock in exchange for land, buildings, and
      equipment with fair market prices of $52,000, $125,000, and $48,000, respectively.
Feb   24   Issued 2,000 shares of preferred stock at $54 for cash.
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College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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LaffioLaffio
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