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

Chapter 13, Exercises #8

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 . The following selected transactions were completed during the first year of operations:
Feb. 20. Issued 150,000 shares of at par for cash
26. Issued 500 shares of at par to an attorney in payment of legal fees for organizing the corporation.
Mar. 6. Issued 18,000 shares of 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.

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...