Question
Deck company was authorized to issue $250,000 shares of $24 par value common stock on December 28, 2017. The following transactions occurred in 2017: January
Deck company was authorized to issue $250,000 shares of $24 par value common stock on December 28, 2017. The following transactions occurred in 2017:
January 14
| Issued 45,000 shares of common stock for $30 per share |
Jan 29 | Gave the lawyers of the company 25,000 shares of common stock for their services in organizing the company. The board of directors valued services at $744,000 |
Jan 30 | Exchanged 50,000 shares of common stock for the following assets at the indicated fair market values: |
|
|
Land | $216.000 |
Building | $528,000 |
Machinery | $720,000 |
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|
Prepare the general journal entries for all of the above transactions.
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