Kingbird Corporation was organized on January 1, 2017. It is authorized to issue 9,300 shares of 8%, $100 par value preferred stock, and 503,100 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10- Issued 80,560 shares of common stock for cash at $7 per share.
Mar. 1- Issued 5,680 shares of preferred stock for cash at $112 per share.
Apr. 1- Issued 24,570 shares of common stock for land. The asking price of the land was $90,100; the fair value of the land was $80,560.
May 1- Issued 80,560 shares of common stock for cash at $9 per share.
Aug. 1- Issued 9,300 shares of common stock to attorneys in payment of their bill of $46,000 for services rendered in helping the company organize.
Sept. 1- Issued 9,300 shares of common stock for cash at $11 per share.
Nov. 1- Issued 1,090 shares of preferred stock for cash at $117 per share.

Answer rating: 100% (QA)

Solution 110 Cash 563920 Credit Common stock 563920 PIC CS 483360 31 Cash 636160 ... View the full answer