Allen Corporation was organized on April 8 of this year. The corporation was authorized to issue 900
Question:
Apr. 8 Sold 3,200 shares of common stock at par for cash.
8 Issued 90 shares of common stock to an attorney in return for legal services pertaining to incorporation. The stock is selling at par.
May 7 Sold 500 shares of preferred stock at $ 109; received cash.
Aug. 12 Issued 3,000 shares of common stock in exchange for land with a fair market value of $ 105,000.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Question Posted: