P13-2A
larger planes. Frank W the company Instructions In cach eae Gie resonaoanizred onber of common shares. The TAKING option? case explain what form of organization the business l gives employees the TAKING IT FURTHER complete a transaction on behalf of the company? R Since a corporation is a separate legal entity, what P13-5A contain anized on February 1, 2016. It is P13-2A issue 100,000, $6 noncumulative preferred shares, and an unlimited number of co transactions were completed during the first year: P13-2A Wetland Corporation, a Wetland Corporation, a private corporation, was organized on February 80,000 common shares at $4 per share. Issued 5,000 preferred shares at sI15 per share. was $90,000. Issued 78,000 common shares at $4.50 per share Mar. Apr. 1 Issued 2 1 22.500 common shares for land. The lands asking price was $100 Ade lune 20 uly oauo lumyers to puy for theirbill of $45,000 for se 7 Issued 10,000 common sha helping the company organiz Issued 10,000 common shares at $5 per share. Issued 1,000 preferred shares at s117 per share. 2. Sept. Nox 1 1 (a) lournalize the transactions. b) Open general ledger accounts and post to the shareholders' equity accounts. (c) Determine the number of shares issued and the average per share amount for both common and preferred d) How many more shares is the company authorized to issue for each class of shares? TAKING IT FURTHER Ifwetland were a public corporation how might that affect thejournal entries for the April I and July 7 issues of common shares? P3-M At the beginning of tsfirst year ofoperations, Northwoods Limited has 5,000, $4 preferred shares ad Uising the format shown below, allocate the total dividend paid in each year to the preferred and common shats ear Didend Paid Noncumulative Preferred Common Cumulative Preferred Commo 50000 common shares. Instructions holders, assuming that the preferred shares are (a) noncumulative, and (b) cumulative. $20,000 15,000 30,000 4 35,000 P13-2A Wetland Corporation, a private corporation, was organized on February 1, 2016. It is aur issue 100,000, $6 noncumulative preferred shares, and an unlimited number of common shares. transactions were completed during the first year: Feb. 10 Issued 80,000 common shares at $4 per share. Mar. 1 Issued 5,000 preferred shares at $115 per share. Apr. 1 Issued 22,500 common shares for land. The land's asking price was $100,000 and its appraised aut The followin was $90,000. June 20 Issued 78,000 common shares at $4.50 per share. July 7 Issued 10,000 common shares to lawyers to pay for their bill of $45,000 for services they performed b helping the company organize. Sept. Issued 10,000 common shares at $5 per share. Nov. 1 Issued 1,000 preferred shares at $117 per share. Instructions (a) Journalize the transactions (b) Open general ledger accounts and post to the shareholders' equity accounts (c) Determine the number of shares issued and the average per share amount for both common and preferred shares (d) How many more shares is the company authorized to issue for each class of shares
