Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year,
Question:
Feb. 5. Issued 600,000 shares of common stock at par for cash.
5. Issued 1,500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Apr. 9. Issued 45,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $100,000, $310,000 and $85,000 respectively.
June 14. Issued 30,000 shares of preferred stock at $53 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...
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Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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