The New England Patriots sell deflated footballs, and were organized on March 1 of the current year with an authorization of 25,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: March 1: Issued 220,000 shares of common stock at par for cash. 1: Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. May 31: Issued 70,000 shares of common stock in exchange for land, buildings and equipment with fair market prices of $150,000, $560,000 and $165,000 respectively. July 1: Issued 18,000 shares of preferred stock at $110 for cash. Journalize the transactions.

The New England Patriots sell deflated footballs, and were organized on March 1 of the current year with an authorization of 25,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: March 1: Issued 220,000 shares of common stock at par for cash. 1: Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. May 31: Issued 70,000 shares of common stock in exchange for land, buildings and equipment with fair market prices of $150,000, $560,000 and $165,000 respectively. July 1: Issued 18,000 shares of preferred stock at $110 for cash. Journalize the transactions.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 4PA: Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par...

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Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
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James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.
A corporation was organized on January 1 of the current year, with an authorization of 10,000 shares of $4 preferred stock, $10 par, and 50,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Jan. 1 Issued 5,000 shares of Preferred stock at $20 per share for cash. 15 Issued 200 shares of common stock at par to an attorney in payment of legal fees. The value of the stock was at the time of payment was $25 per share. Feb. 1 Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $60,000, $20,000, and $40,000 respectively. Mar. 1 Issued 2,000 shares of common stock at $16 for cash.
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Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $17 per share, 13,400 shares authorized. During e year, the following selected transactions were completed: Sold and Issued 6,800 shares of common stock for cash at $34 per share. b. Sold and Issued 1700 shares of common stock for cash at $39 per share 12. Required information Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry ls required for a transaction/event, select "No Journal entry required In the first account field.) view transaction list view general journal Journal Entry Worksheet 0 2 sold 6,800 shares of common stock for cash at $34 per share Debit Credit Transaction General Jouma
A corporation was organized on January 1 of the current year with an authorization of 20,000 shares of 4%, $12 par preferred stock and 100,000 shares of $3 par common stock. 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 an attorney in payment of legal fees for organizing the corporation. The value of the stock at the time of payment was $25 per share. Feb. 24 Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $65,000, $120,000, and $45,000, respectively. Mar. 15 Issued 2,000 shares of preferred stock at $56 for cash. Required: Journalize the above transactions. If an amount box does not require an entry, leave it blank. Jan. 3 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in…
Upon submitting its corporate charter to the state, Lazer was granted permission to issue 6,000 shares of $0.30 par value common stock. Net income for the year for Lazer was $98,400. In addition, the following transactions took place during the year: January 2: March 12: Investors paid Lazer $7 each for 2,520 shares of common stock Lazer purchases 600 shares of its own common stock for $6.50 per share October 31: Lazer declared a 2-for-1 forward stock split As of December 31, how many shares are issued, and how many shares are outstanding? Select one: О a. Issued, 4,080; Outstanding, 2,520 O b. Issued, 4,080; Outstanding, 5,040 O c. Issued, 5,040; Outstanding, 1,920 о d. Issued, 5,040; Outstanding, 3,840
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On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 63,000 shares of no-par common stock and 30,000 shares of preferred stock, $19 par value. The corporation was organized by four individuals who purchased a total of 36,000 shares of the common stock. The remaining shares were to be sold to other individuals. During the year, the following selected transactions occurred: a. Collected $38 cash per share from the four organizers and issued 9,000 shares of common stock to each of them. b. Sold 10,000 shares of common stock to an outsider at $76 cash per share. c. Sold 11,000 shares of preferred stock at $57 cash per share. Required: 1. Prepare the journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) I'm unsure why this answer is wrong.