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QUESTION 1

QUESTION 2

QUESTION 3

Brockbank Corporation was organized on July 15, 2018. a. The state authorized 30,000 shares of 7% preferred stock ($20 par) and 100,000 shares of no-par common stock. b. Brockbank gave 6,000 shares of common stock to its attorney in return for her help in incorporating the business. Fees for this work are normally about $18,000. (Note: The debit is to Legal Expense.) c. Brockbank gave 15,000 shares of common stock to an individual who contributed a building worth $50,000. d. Brockbank issued 5,000 shares of preferred stock at $25 per share. e. Peter Brockbank paid $70,000 cash for 30,000 shares of common stock. f. Another individual donated a $15,000 machine and received 4,000 shares of common stock. g. The attorney sold all her shares to her brother-in-law for $18,000. Record the journal entries for Brockbank to account for each of the above transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. II II II III II II II III DDD Assume that 2,000 shares of common stock with a par value of $12 and a market price of $16 per share are issued in exchange for land with a fair market value of $32,000. If an amount box does not require an entry, leave it blank. a. Prepare the journal entry to record the transaction. b. If the land's appraised fair market value were $33,000, what would be the correct entry to record the C. Prepare the necessary journal entry, assuming the same facts as in (b), except that the stock is not actively traded and therefore its market price is unknown. d. Prepare the necessary journal entry, assuming the stock has a par value of $10 and a market price of $15 per share. The equity section of the balance sheet for Beryl Corporation as of December 31, 2018, is as follows: Equity Preferred stock (6 percent, $24 par, cumulative, 100,000 shares authorized) $1,200,000 Common stock (no par, $10 stated value, 200,000 shares authorized) 1,600,000 Paid-in capital in excess of stated value, common stock 900,000 Total contributed capital $3,700,000 Retained earnings: Retained earnings, unrestricted $1,200,000 Retained earnings, restricted 400,000 1,600,000 Total contributed capital and retained earnings $5,300,000 Less: Treasury stock, common (5,000 shares at $30 per share) (150,000) Total equity $5,150,000 a. How many shares of preferred stock have been issued? shares b. How many shares of common stock have been issued? shares c. How many shares of preferred stock are outstanding? shares d. How many shares of common stock are outstanding? shares