Issuing Shares of ownership of a corporation.Stock
Cashman Nursery, with an authorization of 19,000 shares of Aclass of stock with preferential rights over common stock.preferredstock and 390,000 shares of The stock outstanding when acorporation has issued only one class of stock.common stock,completed several transactions involving its stock on June 1, thefirst day of operations. The trial balance at the close of the dayfollows:
Cash 444,600Land 114,000Buildings 232,500Preferred 2% Stock, $100 par 330,000Paid-In Capital in Excess of Par-Preferred Stock 16,500Common Stock, $40 par 312,000Paid-In Capital in Excess of Par-Common Stock 132,600791,100 791,100
All shares within each class of stock were sold at the sameprice. The preferred stock was issued in exchange for the land andbuildings.
Journalize the entries to record the (1) common and (2)preferred stock transactions summarized in the trial balance.
For a compound transaction, if an amount box does not require anentry, leave it blank.
(1)
CashCommon StockPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockPreferred Stock
CashCommon StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained Earnings
CashPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained Earnings
Feedback
For a compound transaction, if an amount box does not require anentry, leave it blank.
(2)
BuildingsCashCommon StockPaid-In Capital in Excess of Par-Common StockPreferred Stock
CashCommon StockLandPaid-In Capital in Excess of Par-Common StockPreferred Stock
BuildingsCashPaid-In Capital in Excess of Par-Common StockPreferred StockRetained Earnings
CashCommon StockLandPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred Stock
“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but splendidwritings.com proved they are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 14***| Rating: ⭐⭐⭐⭐⭐
"The company has some nice prices and good content. I ordered a term paper here and got a very good one. I'll keep ordering from this website."
