Presented below is selected information related to the Lazer Leveling Systems Company for the 2022 year:...

 

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Presented below is selected information related to the Lazer Leveling Systems Company for the 2022 year: 1. April 1, 2022: The company is granted a charter that authorizes issuing, over time, 50,000 shares of 2% $100 par value non-cumulative preferred stock, and 500,000 shares of $10 par value common stock. 2. April 18, 2022: 20,000 shares of common stock were initially issued for a combined value totaling $750,000 determined as follows: land with an appraised value of $500,000 and cash of $250,000. 3. July 1, 2022: 25,000 shares of preferred stock were issued for cash at $105 per share. 4. August 1, 2022: An additional 125,000 shares of common stock were issued for $42 per share. 5. September 1, 2022: The board of directors authorized and declared an 8% Common Stock Dividend to be distributed in 30 days. On the day of declaration, the stock was trading among outside investors in the market at $44 per share. 6. October 1, 2022: The common stock dividend was distributed. Instructions Prepare the general journal entries necessary to record the above events. Presented below is selected information related to the Lazer Leveling Systems Company for the 2022 year: 1. April 1, 2022: The company is granted a charter that authorizes issuing, over time, 50,000 shares of 2% $100 par value non-cumulative preferred stock, and 500,000 shares of $10 par value common stock. 2. April 18, 2022: 20,000 shares of common stock were initially issued for a combined value totaling $750,000 determined as follows: land with an appraised value of $500,000 and cash of $250,000. 3. July 1, 2022: 25,000 shares of preferred stock were issued for cash at $105 per share. 4. August 1, 2022: An additional 125,000 shares of common stock were issued for $42 per share. 5. September 1, 2022: The board of directors authorized and declared an 8% Common Stock Dividend to be distributed in 30 days. On the day of declaration, the stock was trading among outside investors in the market at $44 per share. 6. October 1, 2022: The common stock dividend was distributed. Instructions Prepare the general journal entries necessary to record the above events.

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Here are the general journal entries to record the events for Lazer Leveling Systems Company in the ... View the full answer