Lynch Corporation was just issued a charter by the state of New York. This charter gives Lynch

Question:

Lynch Corporation was just issued a charter by the state of New York. This charter gives Lynch the authority to issue 350,000 shares of $6 par-value common stock. From the following transactions:

1. Prepare journal entries to record the transactions of Lynch Corp. for the month of September.

2. Prepare the Paid-In Capital section of Lynch's balance sheet at the end of the month.

201X

Sept. 11 Issued 2,100 shares of stock for land and building with fair market values of $15,500 and $17,500, respectively.

16 Accepted subscriptions to 20,600 shares of stock for $254,000 to be paid in two equal installments.

22 Collected first installment on 10,300 shares of the common stock subscribed on September 16.

28 Sold 7,400 shares of stock for $80,000.

30 Collected last installment on 10,300 shares of the common stock subscribed on September 16 and issued the shares.

Common Stock
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