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Henry Company had the following transactions during 2019, its first year of operations. Record and post the transactions. Issued 6,000 shares of $10 par common
Henry Company had the following transactions during 2019, its first year of operations. Record and post the transactions. Issued 6,000 shares of $10 par common stock for cash at $20 per share. Issued 7,000 shares of common stock on May 1 to acquire a factory building from Barkley Company. Barkley had acquired the building in 2013 at a price of $150,000. Horace estimated that the building was worth $200,000 on May 1, 2019. Issued 2,000 shares of stock on June 1 to acquire a patent. The accountant has been unable to estimate the value of the patent but has determined that Horace's common stock was selling at $25 per share on June 1. Horace Company repurchased 1,000 shares of its own stock at a fair market value of $15 per share. General Journal DR CR General Ledger Common Stock Debit Credit Additional Paid-in Debit Credit Treasury Stock Debit Credit
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