Question
Problem One: Cornbread Stuffing Corporation is authorized to issue 2,000,000 shares of $3 par value common stock. During 2022, its first year of operation, the
Problem One:
Cornbread Stuffing Corporation is authorized to issue 2,000,000 shares of $3 par value common stock. During 2022, its first year of operation, the company had the following stock transactions.
Jan. 1 Issued 600,000 shares of stock at $8 per share.
Jan. 31 Attorneys for the company accepted 1,500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $6,500.
July 15 Issued 150,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $5.80 per share.
Instructions
Journalize the transactions for Cornbread Stuffing Corporation.
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Accounting
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
28th Edition
1337902683, 978-1337902687
