Windsor Corporation was organized on January 1, 2020. It is authorized to issue 9,700 shares of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Windsor Corporation was organized on January 1, 2020. It is authorized to issue 9,700 shares of 8%, $100 par value preferred stock, and 540,200 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. Issued 80,290 shares of common stock for cash at $6 per share. 10 Mar. Issued 5,190 shares of preferred stock for cash at $111 per share. 1 Issued 24,970 shares of common stock for land. The asking price of the land was $91,640; the fair value of the land was $80,290. Apr. 1 May Issued 80,290 shares of common stock for cash at $9 per share. 1 Aug. Issued 9,700 shares of common stock to attorneys in payment of their bill of $49,100 for services rendered in helping the company organize. Sept. Issued 9,700 shares of common stock for cash at $11 per share. 1 Nov. Issued 1.060 shares of preferred stock for cash at $107 per share. 1 Prepare the journal entries to record the above transactions Date Account Titles and Explanation Debit Credit > > > > > > Windsor Corporation was organized on January 1, 2020. It is authorized to issue 9,700 shares of 8%, $100 par value preferred stock, and 540,200 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. Issued 80,290 shares of common stock for cash at $6 per share. 10 Mar. Issued 5,190 shares of preferred stock for cash at $111 per share. 1 Issued 24,970 shares of common stock for land. The asking price of the land was $91,640; the fair value of the land was $80,290. Apr. 1 May Issued 80,290 shares of common stock for cash at $9 per share. 1 Aug. Issued 9,700 shares of common stock to attorneys in payment of their bill of $49,100 for services rendered in helping the company organize. Sept. Issued 9,700 shares of common stock for cash at $11 per share. 1 Nov. Issued 1.060 shares of preferred stock for cash at $107 per share. 1 Prepare the journal entries to record the above transactions Date Account Titles and Explanation Debit Credit > > > > > >
Expert Answer:
Answer rating: 100% (QA)
my answer is given in the following steps as shown below Step 1 Preferred Stock Preferred stock is a ... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
The following selected transactions were completed during the first year of operations: Jan. 3 Issued 15,000 shares of common stock at $23 per share for cash. 31 Issued 200 shares of common stock to...
-
The following selected transactions were completed during May between Sky Company and Big Co.: May 1. Sky Company sold merchandise on account to Big Co., $72,000, terms FOB destination, 2/15, n/eom....
-
The following selected transactions were completed during January between McGowan Company and Xi Co.: Jan. 1. McGowan Company sold merchandise on account to Xi Co., $28,600, terms FOB destination,...
-
BACKGROUND The company, North S.L., has the following information in the Balance Sheet and Profit and Loss Account for 2016, before calculating its Corporate Tax: BALANCE SHEET ASSETS LIABILITIES...
-
Use the information given and the eight-step approach to test the hypotheses. Let =.05.Assume that the population is normally distributed. H0: = 7.82 Ha: < 7.82 n = 17 x = 7.01 s = 1.69
-
A1 x 10 -3 m -3 chunk of material has a mass of 3 kg. a. What is the material's density? b. Would a 2 x 10 - 3 m 3 chunk of the same material have the same mass? Explain. c. Would a 2 x 10 -3 m 3...
-
Rod AB has a diameter d and fits snugly between the rigid supports at A and B when it is unloaded. The modulus of elasticity is E. Determine the support reactions at A and B if the rod is subjected...
-
An automobile brake supplier operates on two 8-hour shifts, 5 days per week, 52 weeks per year. Table shows the time standards, lot sizes, and demand forecasts for three components. Because of demand...
-
During a class discussion, Jamie said that she changes the form of notetaking she uses depending on the complexity of the material she is reading. The teacher praised her methods for adjusting the...
-
The income statement for Kipitz Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: Prepare the Cash Flows from...
-
1. Solve following recurrences using Master's Method (i) T(n) 3T (n/3) + n/2 (ii) T(n) = 7 T(h/3)+n (iii) T (n) = 2T (n/2) + n log n
-
Frame It sells photo frames, which are packaged in specially designed boxes. The company sells four designs namely; engagement, wedding, anniversaries, and birthdays, and currently all packaging is...
-
(a) A spherical capacitor consists of two concentric conducting spheres of radii \(R\) and \(2 R\). If the two spheres carry charges of \(+q\) and \(-q\), what is the average energy density inside...
-
Graph the lines in Problems 31-44. \(y=4 x+5\)
-
We wish to separate ethanol from water from two different feed solutions in a distillation column with a total condenser and a partial reboiler, at a column pressure of \(1 \mathrm{~atm}\). One of...
-
Graph the lines in Problems 31-44. \(y=50 x\)
-
Question 2b [Source: Adapted from How a shift in brand positioning saw donations fly for charity MyTenNights", Marketing Week, 2020.] Ramadan is a month of fasting and giving for the Muslims. Compare...
-
The comparative statements of financial position of Menachem NV at the beginning and end of the year 2019 appear below. Net income of ¬34,000 was reported, and dividends of ¬23,000 were paid...
-
Included in Gonzalez NVs December 31 trial balance is a note receivable of 12,000. The note is a 4-month, 10% note dated October 1. Prepare Gonzalezs December 31 adjusting entry to record 300 of...
-
Flynn Inc. has two temporary differences at the end of 2022. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Flynns accounting...
-
A fire destroys all of the merchandise of Assante Company on February 10, 2022. The following is information compiled up to the date of the fire. Inventory, January 1, 2022 ............... $ 400,000...
-
_____________ requires training of the new system developed. (a) Users (b) Systems operators (c) Vendors (d) All of these
-
______________ approach of systems conversion gives double security with minimum amount of risk but causes high effort and time. (a) Direct (b) Parallel (c) Prototype (d) None of these
-
Systems effectiveness is defined as ___________. (a) Doing the right thing in right way (b) Doing right thing (c) Doing thing in right way (d) Any of these
Study smarter with the SolutionInn App