Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Ming Limited was organized on January 1, 2020. It is authorized to issue 15,000 7%, $1,000 par value preference shares, and 400,000 no-par ordinary shares
Ming Limited was organized on January 1, 2020. It is authorized to issue 15,000 7%, $1,000 par value preference shares, and 400,000 no-par ordinary shares with a stated value of $15 per share. The following share transactions were completed during the first year. Date Transactions Jan. 10 Issued 100,000 ordinary shares for cash at $48 per share. Mar. 1 Issued 1,000 preference shares for cash for $1,050,000. Apr. 1 Issued 18,000 preference shares for land. The asking price of the land was $780,000. The fair value of the land was $720,000. Aug. 1 Issued 10,000 ordinary shares to attorneys in payment of their bill of $280,000 for services provided in helping the company organize. REQUIRED: Journalize the above transactions
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started