Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blue Spruce Corp. was organized on January 1, 2019. It is authorized to issue 15,000 shares of 8%. $100 par value preferred stock and 521.000

image text in transcribed
Blue Spruce Corp. was organized on January 1, 2019. It is authorized to issue 15,000 shares of 8%. $100 par value preferred stock and 521.000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year: Jan. 10 Issued 81.500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,400 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 22.500 shares of common stock for land. The asking price of the land was $90.500. The fair value of the land was $89.000 May 1 Issued 80,000 shares of common stock for cash at $4.25 per share. Aug 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $39.500 for services performed in helping the company Sept. 1 Issued 11.500 shares of common stock for cash at $7 per share Nov. 1 Issued 3,000 shares of preferred stock for cash at $110 per share Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered Donat Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Sun

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

My Favorite Auditor Gave Me This Book

Authors: Funny Planner Publishing

1st Edition

1676058060, 978-1676058069

More Books

Students also viewed these Accounting questions

Question

4. Are there any disadvantages?

Answered: 1 week ago

Question

3. What are the main benefits of using more information technology?

Answered: 1 week ago

Question

start to review and develop your employability skills

Answered: 1 week ago