Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kingbird Corporation was organized on January 1, 2017. It is authorized to issue 9,300 shares of 8%, $100 par value preferred stock, and 503,100 shares

Kingbird Corporation was organized on January 1, 2017. It is authorized to issue 9,300 shares of 8%, $100 par value preferred stock, and 503,100 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10- Issued 80,560 shares of common stock for cash at $7 per share.
Mar. 1- Issued 5,680 shares of preferred stock for cash at $112 per share.
Apr. 1- Issued 24,570 shares of common stock for land. The asking price of the land was $90,100; the fair value of the land was $80,560.
May 1- Issued 80,560 shares of common stock for cash at $9 per share.
Aug. 1- Issued 9,300 shares of common stock to attorneys in payment of their bill of $46,000 for services rendered in helping the company organize.
Sept. 1- Issued 9,300 shares of common stock for cash at $11 per share.
Nov. 1- Issued 1,090 shares of preferred stock for cash at $117 per share.

Step by Step Solution

3.38 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

Solution 110 Cash 563920 Credit Common stock 563920 PIC CS 483360 31 Cash 636160 ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M

5th Canadian edition

9781259105692, 978-1259103285

More Books

Students also viewed these Accounting questions