Stock issuance (Learning Objective 3) 1015 min. Byblos Co. had these transactions during the current period. Jun

Question:

Stock issuance (Learning Objective 3) 10–15 min.

Byblos Co. had these transactions during the current period.

Jun 11 Jul 12 Nov 25 Issued 50,000 shares of $3 par value common stock for cash of $250,000.

Issued 2,000 shares of $100 par value preferred stock for cash at $108 per share.

Issued 7,000 shares of stock in exchange for equipment that had a fair market value of $32,000.

Requirements 1. Prepare the journal entries for the preceding transactions.

2. How much paid-in capital did these transactions generate for Byblos Co.?

AppendixLO1

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