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19 box to fill in, my bad Lodi Company is authorized to issue 100,000 shares of no-par, $6 stated-value common stock and 10,000 shares of
19 box to fill in, my bad
Lodi Company is authorized to issue 100,000 shares of no-par, $6 stated-value common stock and 10,000 shares of 9%, $100 par preferred stock. It enters into the following transactions on December 31: 1. Accepts a subscription contract to 7,000 shares of common stock at $42 per share and receives a 30% down payment. 2. Collects the remaining balance of the subscription contract and issues the common stock 3. Acquires a building by paying $2,000 cash and issuing 3,000 shares of common stock and 900 shares of preferred stock. Common stock is currently selling at $46 per share, preferred stock has no current market value. The building is appraised at $1,175,000. 4. Sells 1,000 shares of common stock at $47 per share. 5. Sells 900 shares of preferred stock at $115 per share. 6. Declares a three-for-one stock split on the common stock, reducing the stated value to $2.00 per share. Required: Prepare the journal entries to record the preceding transactions It has 19 jounral entries Step by Step Solution
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