Marigold Corporation was organized on January 1, 2025. It is authorized to issue 11,000 shares of...

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Marigold Corporation was organized on January 1, 2025. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 535,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,370 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,570 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 24,250 shares of common stock for land. The asking price of the land was $91,730; the fair value of the land was $80,370. May 1 Issued 80,370 shares of common stock for cash at $8 per share. Aug. 1 Sept. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $54,600 for services rendered in helping the company organize. Issued 11,000 shares of common stock for cash at $10 per share. Nov. 1 Issued 1,100 shares of preferred stock for cash at $115 per share. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Marigold Corporation was organized on January 1, 2025. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 535,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,370 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,570 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 24,250 shares of common stock for land. The asking price of the land was $91,730; the fair value of the land was $80,370. May 1 Issued 80,370 shares of common stock for cash at $8 per share. Aug. 1 Sept. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $54,600 for services rendered in helping the company organize. Issued 11,000 shares of common stock for cash at $10 per share. Nov. 1 Issued 1,100 shares of preferred stock for cash at $115 per share. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.)

Answer rating: 100% (QA)

Here are the journal entries to record the above transactions Jan 10 Issued 80370 shares of common s... View the full answer