Question
Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to
Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions
August 22 - Issued 2,000 shares of preferred stock at $105 per share
September 3 - Issued 80,000 shares of common stock at $13.25 per share
October 11 - Issued 12,000 shared of common stock for land valued at $156,000. The stock is currently trading at $12 per share, and the stocks trading value is a more accurate determinant of the lands value.
November 12 - Issued 5,000 shares of common stock at $15 per share
December 5 - Issued 1,000 shares of preferred stock at $112 per share
Journalize the transactions
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