Question

Nash & Roth formed a corporation and had the following stock transactions during the year:
June 30 Incurred the following costs of incorporation:
Incorporation fees ......... $ 800
Attorneys’ fees .......... 9,000
Promotion fees .......... 8,000
July 15 Issued 7,000 shares of $10 par common stock for $73,000 cash.
21 Issued 3,000 shares of $50 par, 4% preferred stock for $148,000 cash.
Aug. 1 Received subscriptions for 8,000 shares of $10 par common stock for $81,500.
15 Issued 16,000 shares of $10 par common stock in exchange for a building and fixtures with a fair market value of $165,000.
31 Received a payment of $51,500 for the common stock subscription.
Sept.3 Purchased 2,000 shares of its own $10 par common stock for $11 a share.
12 Issued 4,500 shares of no-par common stock with a stated value of $8 per share for $40,000.
18 Received the balance in full for the common stock subscription and issued the stock.
30 Sold 800 shares of its treasury stock for $11.50 a share.
Oct. 15 Issued 3,000 shares of $40 par, 5% preferred stock in exchange for land with a fair market value of $125,000.
31 Sold 400 shares of its treasury stock for $10.75 a share.

REQUIRED
Prepare journal entries to record the transactions.



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  • CreatedJune 07, 2014
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