Question: Newgen Products Inc., a wholesaler of office products, was organized on February 20 of the current year, with an authorization of 75,000 shares of 2%

Newgen Products Inc., a wholesaler of office products, was organized on February 20 of the current year, with an authorization of 75,000 shares of 2% preferred stock, $50 par and 400,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations:
Feb. 20. Issued 150,000 shares of common stock at par for cash
26. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Mar. 6. Issued 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $50,000, $275,000, and $60,000, respectively
Apr. 30. Issued 20,000 shares of preferred stock at $60 for cash
Journalize the transactions.

Step by Step Solution

3.44 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Date 20Feb Cash Common Stock 150000 shares x 15 Issued 150000 shares ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

46-B-A-T-D (32).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Related Book