ck 799 CHAPTER 20 Corporation Organisation and Capital Stock Corporation Organ 4. Numbers of shar bers of shares authorized, subscribed, issued, and held as indicated. sued, and held as treasury stock are furt. This is because ad first. This is because of its preferred claim on dividends Page 1 of 2 Chapter Instructions Extra Stock Subscriptions 1. Prepare general journal entries for these transaction d journal entries for these transactions identifying each by letter. If an amount box does not require an entry, leave it blank. puneau & Associates had the following stock transactions during the year a) Received subscriptions for 100,000 shares of $1 par common stock for $105. 6) Received subscriptions for 5,000 shares of $15 par, 8% preferred stock for $80,000 H) Received a payment of $55,000 on the common stock subscription. (h) Received a payment of $40,000 on the preferred stock subscription. i ssued 40,000 shares of $1 par common stock in exchange for a truck with a fair market value of $48,000. (1) Received the balance in full for the common stock subscription and issued the stock (9) Received the balance in full for the preferred stock subscription and issued the stock. General Journal 1. Prepare general journal entries for these transactions, identifying each by letter. If an amount b does not require an entry, leave it blank. Page: DOC. POST. DEBIT DATE ACCOUNT TITLE CREDIT NO. REF. Commonsta los odo1 O 1 a. Receuolly 2 commasclerk Subscribed 3 Paid Incapital in excess of Par- commor Block bo Odo 2105,000-100000 o 5.000 31 e. Profesi koga subscription Prodered stod subscribed 15000 6 51000/15 = 75,00 ome -75000