Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with solving and can i have a step by step on how to do the math. Professional Products Inc, a wholesaler of office

please help with solving and can i have a step by step on how to do the math. image text in transcribed
image text in transcribed
Professional Products Inc, a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 1% stock, $50 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions, If an amount box does not require an entry, leave it blank. Feb. 5. Issued 125,000 shares of common stock at par for cash. Feb. 5. Cash Common Stock Feb. 5. Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Feb. 5. Organizational Expenses Common Stock Apr. 9. Issued 24,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $44,000, $239,000, and $53,000, respectively, Apr. 9. Land Buildings Equipment Common Stock Pald-In Capital in Excess of Par-Common Stock June 14. Issued 25,000 shares of preferred stock at $63 for cash. June 14. 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_2

Step: 3

blur-text-image_3

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

New Approach To Financial Accounting No Need Of Cramming Formats

Authors: Samuel A. Olowoniyi ACA

1st Edition

148253150X, 978-1482531503

More Books

Students also viewed these Accounting questions

Question

What is a company's marketing strategy, and why is it important?

Answered: 1 week ago