Question
A corporation was organized on January 1 of the current year, with an authorization of 10,000 shares of $4 preferred stock, $10 par, and 50,000
A corporation was organized on January 1 of the current year, with an authorization of 10,000 shares of $4 preferred stock, $10 par, and 50,000 shares of $10 par common stock.
The following selected transactions were completed during the first year of operations:
Jan. 1 | Issued 5,000 shares of Preferred stock at $20 per share for cash. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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15 | Issued 200 shares of common stock at par to an attorney in payment of legal fees. The value of the stock was at the time of payment was $25 per share. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 1 | Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $60,000, $20,000, and $40,000 respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 1 | Issued 2,000 shares of common stock at $16 for cash.
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