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Exercise 15-1 During its first year of operations, Buffalo Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 84,900 shares for
Exercise 15-1
During its first year of operations, Buffalo Corporation had the following transactions pertaining to its common stock.
| Jan. 10 | Issued 84,900 shares for cash at $6 per share. | |
| Mar. 1 | Issued 5,000 shares to attorneys in payment of a bill for $37,600 for services rendered in helping the company to incorporate. | |
| July 1 | Issued 33,100 shares for cash at $8 per share. | |
| Sept. 1 | Issued 63,200 shares for cash at $10 per share. |
| (a) | Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. | |
| (b) | Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 per share. |
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