Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current
Question:
July 1. Issued 400,000 shares of common stock at par for cash.
1. Issued 1,000 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Aug. 7. Issued 80,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $250,000, $400,000, and $70,000, respectively.
Sept. 20. Issued 25,000 shares of preferred stock at $44 for cash.
Journalize the transactions.
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...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted: