Question
Higgins Hydraulics Corporation was formed on January 14, 20X1 , with an authorization to issue 10,000 shares of $100 par, 10%preferred stock and 50,000 shares
Higgins Hydraulics Corporation was formed on January 14, 20X1 , with an authorization to issue 10,000 shares of $100 par, 10%preferred stock and 50,000 shares of $5 par commons stock. The following stock transactions occurred during 20X1.
Issued 2,000 shares of common stock in exchange for equipment with a fair market value of $18,000.
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Financial Accounting
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
12th edition
134725980, 9780134726656 , 978-0134725987
