Answered step by step
Verified Expert Solution
Question
1 Approved Answer
all of the jourbal entries i need assistance with par value common stock and 10,000 Vr 4/9/14 5.000 in legal costs and fees for incorpora
all of the jourbal entries i need assistance with
par value common stock and 10,000 Vr 4/9/14 5.000 in legal costs and fees for incorpora #preferred stock. The asking price of the Problem / Apple Corp. had authorized 50,000 shares of $10 par value shares of preferred stock with a $100 par value. Jan 1. Issued 5,000 shares of common stock to pay $75,000 in legal 11. Issued 10,000 of common stock for cash at $13 per share. 15. Purchased 3,000 shares of treasury stock for $14 per share! 18. Apple Corp acquired land by issuing 8,000 shares of preferred s Land was $750,000. The fair market value of the land was $700.00 20. Sold 1,000 shares of Treasury stock for $12 a share. 22. Issued 15,000 shares of common stock for $15 per share. 24. Sold 2,000 shares of Treasury Stock for $8 per share. 28. Purchased 500 shares of Treasury stock for $14 per share. 30. Sold 300 shares of treasury stock for $17 per share. 31. Determined that net income for the year was $164,200. REQUIRED: Prepare the journal entries to record each transaction Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started