Garner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2018,...
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Garner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2018, its first year of operation, the company has the following stock transactions. Jan. 1 Jan. 15 Jan. 30 Paid the state $2,000 for incorporation fees. Issued 500,000 shares of stock at $7 per share. Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $8,000. July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share. Sept. 5 Purchased 15,000 shares of common stock for the treasury at $10 per share. Dec. 6 Sold 11,000 shares of the treasury stock at $11 per share. Instructions Journalize the transactions for Garner Corporation. Garner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2018, its first year of operation, the company has the following stock transactions. Jan. 1 Jan. 15 Jan. 30 Paid the state $2,000 for incorporation fees. Issued 500,000 shares of stock at $7 per share. Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $8,000. July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share. Sept. 5 Purchased 15,000 shares of common stock for the treasury at $10 per share. Dec. 6 Sold 11,000 shares of the treasury stock at $11 per share. Instructions Journalize the transactions for Garner Corporation.
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Date Jan 1 Organization Expense Jan 30 Accounts title and explanation Jan 15 Cash July 2 Cash 2 ... View the full answer
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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