Ayayai Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 450,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. Mar, Apr. 10 1 1 May 1 Aug 1 Issued 75,000 shares of common stock for cash at $4 per share. Issued 4,000 shares of preferred stock for cash at $105 per share. Issued 22,000 shares of common stock for land. The asking price of the land was $85,000 The fair value of the land was $80,000 issued 75.000 shares of common stock for cash at $4,25 per share issued 10.000 shares of common stock to attorneys in payment of their bill of $35.000 for services performed in helping the company organize Sept. 1 sued 10.000 shares of common stock for cash at $5 per share Now 1 Issued 1000 shares of preferred stock for cash at $100 per share Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part) Preferred Stock Common Stock Paid in Capital in Excess of Par Preferred Stock
Ayayai Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 450,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. Mar, Apr. 10 1 1 May 1 Aug 1 Issued 75,000 shares of common stock for cash at $4 per share. Issued 4,000 shares of preferred stock for cash at $105 per share. Issued 22,000 shares of common stock for land. The asking price of the land was $85,000 The fair value of the land was $80,000 issued 75.000 shares of common stock for cash at $4,25 per share issued 10.000 shares of common stock to attorneys in payment of their bill of $35.000 for services performed in helping the company organize Sept. 1 sued 10.000 shares of common stock for cash at $5 per share Now 1 Issued 1000 shares of preferred stock for cash at $100 per share Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part) Preferred Stock Common Stock Paid in Capital in Excess of Par Preferred Stock
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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