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Stock Subscriptions and Treasury Stock

Nash & Roth formed a corporation and had the following organization costs and stock transactions during the year:

June $30$ Incurred the following costs of incorporation:

Incorporation fees $$770$

Attorneys' fees $9,320$

Promotion fees $8,430$

July $15$ Issued $7,340$ shares of $$10$ par common stock for $$76,570$ cash.

Aug. $1$ Received subscriptions for $7,800$ shares of $$10$ par common stock for $$79,163.$

$15$ Issued $15,180$ shares of $$10$ par common stock in exchange for a building and fixtures with a fair market value of $$156,040.$

$31$ Received a payment of $$50,900$ for the common stock subscription.

Sept. $3$ Purchased $2,060$ shares of its own $$10$ par common stock for $$11$ a share.

$18$ Received the balance in full for the common stock subscription and issued the stock.

$30$ Sold $740$ shares of its treasury stock for $$11\mathrm{.}50$ a share.

Oct. $15$ Issued $3,050$ shares of $$40$ par, $5\%$ preferred stock in exchange for land with a fair market value of $$127,370.$

$31$ Sold $360$ shares of its treasury stock for $$10\mathrm{.}65$ a share.

Required:

Prepare journal entries for these transactions.

Page: blank

ROW NUMBER DATE ACCOUNT TITLE DOC.

NO$.$ POST.

REF. DEBIT CREDITROW NUMBER

$120--$

June $30$

Organization Expenses

blank blank Organization Expenses

$18,520$

Organization Expenses

$0$

$1$

$2$ blank

Cash

blank blank Cash

$0$

Cash

$18,520$

$2$

$3$ blank blank blank blank blank blank $3$

$4$ July $15$

Cash

blank blank Cash

$76,570$

Cash

$0$

$4$

$5$ blank

Common Stock

blank blank Common Stock

$0$

Common Stock

$73,400$

$5$

$6$ blank

Paid$-$In Capital in Excess of Par$-$Common Stock

blank blank Paid$-$In Capital in Excess of Par$-$Common Stock

$0$

Paid$-$In Capital in Excess of Par$-$Common Stock

$3,170$

$6$

$7$ blank blank blank blank blank blank $7$

$8$ Aug. $1$

Common Stock Subscriptions Receivable

blank blank Common Stock Subscriptions Receivable

$79,163$

Common Stock Subscriptions Receivable

$0$

$8$

$9$ blank

Common Stock Subscribed

blank blank Common Stock Subscribed

$0$

Common Stock Subscribed

$78,000$

$9$

$10$ blank

Paid$-$In Capital in Excess of Par$-$Common Stock

blank blank Paid$-$In Capital in Excess of Par$-$Common Stock

$0$

Paid$-$In Capital in Excess of Par$-$Common Stock

$1,163$

$10$

$11$ blank blank blank blank blank blank $11$

$1215$

Building

blank blank Building

$156,040$

Building

$0$

$12$

$13$ blank

Common Stock

blank blank Common Stock

$0$

Common Stock

$151,800$

$13$

$14$ blank

Paid$-$In Capital in Excess of Par$-$Common Stock

blank blank Paid$-$In Capital in Excess of Par$-$Common Stock

$0$

Paid$-$In Capital in Excess of Par$-$Common Stock

$4,240$

$14$

$15$ blank blank blank blank blank blank $15$

$1631$

Cash

blank blank Cash

$50,900$

Cash

$0$

$16$

$17$ blank

Common Stock Subscriptions Receivable

blank blank Common Stock Subscriptions Receivable

$0$

Common Stock Subscriptions Receivable

$50,900$

$17$

$18$ blank blank blank blank blank blank $18$

$19$ Sept. $3$

Common Treasury Stock

blank blank Common Treasury Stock

$22,660$

Common Treasury Stock

$0$

$19$

$20$ blank

Cash

blank blank Cash

$0$

Cash

$22,660$

$20$

$21$ blank blank blank blank blank blank $21$

$22$ Sept. $18$

Cash

blank blank Cash

Cash

$0$

$22$

$23$ blank

Common Stock Subscriptions Receivable

blank blank Common Stock Subscriptions Receivable

$0$

Common Stock Subscriptions Receivable

$23$

$24$ blank blank blank blank blank blank $24$

$25$ blank

Common Stock Subscribed

blank blank Common Stock Subscribed

Common Stock Subscribed

$0$

$25$

$26$ blank

Common Stock

blank blank Common Stock

$0$

Common Stock

$26$

$27$ blank blank blank blank blank blank $27$

$2830$

Cash

blank blank Cash

$8,510$

Cash

$0$

$28$

$29$ blank

Common Treasury Stock

blank blank Common Treasury Stock

$0$

Common Treasury Stock

$29$

$30$ blank

Paid$-$In Capital from Sale of Treasury Stock

blank blank Paid$-$In Capital from Sale of Treasury Stock

$0$

Paid$-$In Capital from Sale of Treasury Stock

$30$

$31$ blank blank blank blank blank blank $31$

$32$ Oct. $15$

Land

blank blank Land

$127,370$

Land

$0$

$32$

$33$ blank

Preferred Stock

blank blank Preferred Stock

$0$

Preferred Stock

$122,000$

$33$

$34$ blank

Paid$-$In Capital in Excess of Par$-$Preferred Stock

blank blank Paid$-$In Capital in Excess of Par$-$Preferred Stock

$0$

Paid$-$In Capital in Excess of Par$-$Preferred Stock

$5,370$

$34$

$35$ blank blank blank blank blank blank $35$

$3631$

Cash

blank blank Cash

$3,834$

Cash

$0$

$36$

$37$ blank

Paid$-$In Capital from Sale of Treasury Stock

blank blank Paid$-$In Capital from Sale of Treasury Stock

Paid$-$In Capital from Sale of Treasury Stock

$0$

$37$

$38$ blank

Common Treasury Stock

blank blank Common Treasury Stock

$0$

Common Treasury Stock

$38$