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Natalie and her friend Curtis Lesperance decide that they can benefit from joining Cookie Creations and Curtis's coffee shop. In this part of the problem, they come to you with questions about setting up a corporation for their new business. Curtis has operated his coffee shop for 2 years. He buys coffee, muffins, and cookies from a local supplier. Natalie's business consists of giving cookie-making classes and selling fine European mixers. The plan is for Natalie to use the premises Curtis currently rents to give her cookie-making classes and demonstrations of the mixers that she sells. Natalie will also hire, train, and supervise staff to bake the cookies and muffins sold in the coffee shop. By offering her classes on the premises, Natalie will save on travel time going from one place to another. Another advantage is that the coffee shop will have one central location for selling the mixers. The current market values of the assets of both businesses are as follows. Curtis's Coffee Cookie Creations $7,500 $11,630 800 100 Cash Accounts receivable Inventory Equipment 450 2,500 1.200 1.000 a Cookie Creations decided not to buy the delivery van considered in Chapter 9. Combining forces will also allow Natalie and Curtis to pool their resources and buy a few more assets to run their new business venture. Curtis and Natalie then meet with a lawyer and form a corporation on November 1, 2019, called Cookie & Coffee Creations Inc. The articles of incorporation state that there will be two classes of shares that the corporation is authorized to issue: common shares and preferred shares. They authorize 100,000 no-par shares of common stock, and 10,000 no-par shares of preferred stock with a $0.50 noncumulative dividend. The assets held by each of their businesses will be transferred into the corporation at current market value. Curtis will receive 10,550 common shares, and Natalie will receive 14,630 common shares in the corporation. Therefore, the shares have a fair value of $1 per share. Natalie and Curtis are very excited about this new business venture. Prepare the journal entries required on November 1, 2019, the date when Natalie and Curtis transfer the assets of their respective businesses into Cookie & Coffee Creations Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 1 Assume that Cookie & Coffee Creations Inc. issues 1,000 $0.50 noncumulative preferred shares to Curtis's dad and the same number to Natalie's grandmother, in both cases for $5,000. Also assume that Cookie & Coffee Creations Inc. issues 750 common shares to its lawyer Prepare the journal entries for each of these transactions. They all occurred on November 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 1 (To record issue of preferred stock) Nov. 1 (To record issue of common shares to lawyer) Prepare the opening balance sheet for Cookie & Coffee Creations Inc. as of November 1, 2019, including the journal entries in (b) and (c) above. (List current assets in order of liquidity. Enter the account name only and do not provide the descriptive information provided in the question.) COOKIE & COFFEE CREATIONS INC. Balance Sheet Assets Stockholders' Equity . $
