Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please provide steps/ formula for paid in capital in excess of ..... thank you Riverbed Corporation was organized on January 1, 2020. It is authorized

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
please provide steps/ formula for "paid in capital in excess of .....
thank you
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Riverbed Corporation was organized on January 1, 2020. It is authorized to issue 14,500 shares of 8%,$100 par value preferred stock, and 475,000 shares of no par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 issued 84,500 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,050 shares of preferred stock for cash at $110 per share. Apr. 1 I5sued 24,000 shares of common stock for land. The asking price of the land was $88,500. The fair value of the land was $83,500. May 1 Issued 83,000 shares of common stock for cashat $5.25 per share. Aug. 1 Issued 12,000 shares of common stock to aforneys in payment of their bill of $40,500 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $111 per share. Journalize the transactions, (Record joumal entries in the order presented in the problem. Credit occount titles are outomatically indented when amount is entered. Do not indent manually. Paidfin Capital in Excess of Stated Value-CommQstock 35500 435,750 , Common Stock 166000 Paid-in Capital in Excess of Stated Value-Common Stack Paiden Coptal in Excess of Stated Value-Conm Qstack

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

Fundamental Accounting Principles

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

20th Edition

1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870

More Books

Students also viewed these Accounting questions

Question

What does stickiest refer to in regard to social media

Answered: 1 week ago

Question

Calculate the number of neutrons of 239Pu.

Answered: 1 week ago

Question

Explain the role of transfer pricing in a decentralized firm.

Answered: 1 week ago

Question

Discuss the methods of setting transfer prices.

Answered: 1 week ago