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Novak Corp. was organized on January 1, 2019. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 464,000 shares
Novak Corp. was organized on January 1, 2019. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 464,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year:
Jan. | 10 | Issued 81,500 shares of common stock for cash at $6 per share. | |
Mar. | 1 | Issued 4,300 shares of preferred stock for cash at $110 per share. | |
Apr. | 1 | Issued 22,500 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land was $83,500. | |
May | 1 | Issued 85,000 shares of common stock for cash at $4.25 per share. | |
Aug. | 1 | Issued 12,000 shares of common stock to attorneys in payment of their bill of $40,500 for services performed in helping the company organize. | |
Sept. | 1 | Issued 12,000 shares of common stock for cash at $6 per share. | |
Nov. | 1 | Issued 2,500 shares of preferred stock for cash at $114 per share. |
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