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Bramble Corp. was organized on January 1, 2022. It is authorized to issue 13,000 shares of 8%, $100 par value preferred stock, and 526,000 shares
Bramble Corp. was organized on January 1, 2022. It is authorized to issue 13,000 shares of 8%, $100 par value preferred stock, and 526,000 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. Mar. Apr. 10 1 1 1 May Aug. Issued 84,500 shares of common stock for cash at $6 per share. Issued 5,150 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $91,000. The fair value of the land was $80,500. Issued 83,500 shares of common stock for cash at $4.75 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $38,500 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 2,000 shares of preferred stock for cash at $109 per share. 1 Sept. Nov. 1 1 Post to the stockholders' equity accounts.(Post entries in the order of journal entries presented in the previous part.) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock > Common Stock
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