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Hello, Can you please help, Thank you so much. Stated Value, Common and Preferred Stock, and Noncash Assets Kris Kraft Stores had the following stock
Hello,
Can you please help, Thank you so much.
Stated Value, Common and Preferred Stock, and Noncash Assets
Kris Kraft Stores had the following stock transactions during the year:
(a) | Issued 3,900 shares of no-par common stock with a stated value of $10 per share for $39,000 cash. |
(b) | Issued 5,900 shares of no-par common stock with a stated value of $8 per share for $49,300 cash. |
(c) | Issued 4,900 shares of no-par, 6% preferred stock with a stated value of $15 per share for $73,500 cash. |
(d) | Issued 10,300 shares of $5 par common stock for land with a fair market value of $51,500. |
(e) | Issued 10,400 shares of $7 par common stock with a $9 fair market value for a building with an uncertain fair market value. |
(f) | Issued 8,300 shares of $50 par, 8% preferred stock for land with a fair market value of $420,130. |
Required:
Prepare general journal entries for these transactions, identifying each by letter.