Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nash Corporation was organized on January 1,2025. It is authorized to issue 10,800 shares of 8%,$100 par value preferred stock. and 506,500 shares of no-par

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Nash Corporation was organized on January 1,2025. It is authorized to issue 10,800 shares of 8%,$100 par value preferred stock. and 506,500 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 80,520 shares of common stock for cash at \$6 per share. Mar. 1 Issued 5,500 shares of preferred stock for cash at $109 per share. Apr. 1 Issued 24,310 shares of common stock for land. The asking price of the land was $91,620; the fair value of the land was $80,520. May 1 Issued 80,520 shares of common stock for cash at $8 per share. Aug. 1 Issued 10,800 shares of common stock to attorneys in payment of their bill of $52,900 for services rendered in helping the company organize. Sept. 1 Issued 10,800 shares of common stock for cash at $10 per share. Nov. 1 Issued 900 shares of preferred stock for cash at $123 per share. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and Date Account Titles and Explanation Jan. 10 Cash CommonStock Paid-in Capital in Excess of Stated Value - Common Stock Mar. 1 Apr, 1 Apri,1 Debit Credit Credit Cash Preferred Stock Paid-in Caprtatin Excess of Par-Preforred Whechred stock Land Common Stock Paid-in Capital in Excess of 5 tated Value-Common Stock May 1 Cash Common Stock Paid-in Capitat in Excess of Stated Value - Common Stock Aug. 1 Organization Expense CommonStock Bommon 5 tock Paid-in Capital in Excess of Stated Value - Common Stock Sept. 1 Cast Common Stock Paid-In Capital in Excess of Stated Value - Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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: John Hoggett, Lew Edwards, Evelyn Hogg, John Medlin, Matthew Tilling

8th Edition

1742466362, 978-1742466361

More Books

Students also viewed these Accounting questions

Question

What are the values and risks of self-disclosing communication?

Answered: 1 week ago