Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Hunt Incorporated is authorized to issue an unlimited number of no par value common shares. Record the journal entries for the following: a.

image text in transcribedimage text in transcribed

1. Hunt Incorporated is authorized to issue an unlimited number of no par value common shares. Record the journal entries for the following: a. Issued 3 000 shares at $12 per share. b. Issued 250 shares to the lawyer for a $3 000 legal bill. c. Issued 8 000 shares for building with a fair market value of $90 000. d. Executed a 2 for 1 common stock split. 2. DDSB Limited is authorized to issue 60 000, $6 par value common shares. Record the journal entries for the following: a. Issued 2000 shares at par value. b. Issued 500 shares at $8 per share. c. Reacquired 700 shares at par value. 3. Jordan. T Holdings Inc. is authorized to issue 40 000 convertible preferred shares with a par value of $20 and an unlimited number of no par value common shares. The preferred shares can be converted into common shares at a ratio of 1:4.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management and Cost Accounting

Authors: Colin Drury

8th edition

978-1408041802, 1408041804, 978-1408048566, 1408048566, 978-1408093887

More Books

Students also viewed these Accounting questions

Question

=+b) What was the purpose of using Major as a blocking factor?

Answered: 1 week ago