Ile Stoch nad llo pal 01 Stated aue and was issued for a total Ol $32,000. d. The stock had a par value of $5 per share and was issued to attorneys for se tion valued at $52,000. e. The stock had a par value of $5 per share and was issued for land worth $ E11.5 (LO 2, 3) Hodge Corporation issued 100,000 shares of $20 par value,c stock on January 1, 2019, for $2,300,000. In December 2021, Hodge decla $500,000. Instructions a. Prepare Hodge's journal entry to record the issuance of the preferred stoc b. If the preferred stock is not cumulative, how much of the $500,000 w stockholders? c. If the preferred stock is cumulative, how much of the $500,000 would be paic E11.6 (LO 2) As an auditor for the CPA firm of Hinkson and Calvert, you situations in auditing different clients. 1. LR Corporation is a closely held corporation whose stock is not publicly t corporation acquired land by issuing 5,000 shares of its $20 par value co . Ie suR had par value of $5 per share and was issued for a total of $52,000. b. The stock had a stated value of S5 per share and was issued for a total of $52,000. b. The stock had a state e. The stock had no par or stated value and was issued for a total of $52,000. d. The stock had a par value of $5 per share and was issued to attorneys for services during inc tion valued at $52,000. orpora- e. The stock had a par value of $5 per share and was issued for land worth $52,000. E11.5 (LO 2, 3) Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% preferred stock on January 1, 2019, for $2,300,000. In December 2021, Hodge declared its first dividend of $500,000 Instructions a. Prepare Hodge's journal entry to record the issuance of the preferred stock. b. If the preferred stock is not cumulative, how much of the $500,000 would be paid to common stockholders? c. If the preferred stock is cumulative, how much of the $500,000 would be paid to common stockholders? CPA firm of Hinkson and Calvert, you encounter the following E11.6 (LO 2) As an auditor for the situations in auditing different clients. LR Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 5,000 shares of its $20 par value common stock. The owners asking price for the land was $120,000, and the fair value of the land was $110,000 1. ration is a publicly held corporation whose common stock is traded on the securities 2. Vera Corpo markets. On June 1, it acquired land by issuing 20,000 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $250,000. The stock was selling at
