Lompoc Corporation is authorized to issue 500,000 shares of $2 stated value common stock and 100,000 shares
Question:
Lompoc Corporation is authorized to issue 500,000 shares of $2 stated value common stock and 100,000 shares of $100 par value, 6 percent preferred stock. The following related stock transactions took place during the year.
Apr. | 15 | Issued 30,000 shares of common stock to an attorney for a bill of $90,000 in connection with the organization of the corporation. | |
25 | Issued 1,000 shares of preferred stock at par for cash. | ||
27 | Issued 50,000 shares of common stock in exchange for land for a plant site valued at $100,000. The shares were selling in the market for $8 per share. | ||
May | 1 | Issued 90,000 shares of common stock for $540,000 in cash. |
Required: Prepare entries in journal form without explanations to record the above transactions
Introduction to Accounting An Integrated Approach
ISBN: 978-0078136603
6th edition
Authors: Penne Ainsworth, Dan Deines