Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Skysong Corporation's charter authorized issuance of 102,000 shares of $10 par value common stock and 47,500 shares of $50 preferred stock. The following transactions involving

image text in transcribed

Skysong Corporation's charter authorized issuance of 102,000 shares of $10 par value common stock and 47,500 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. Issued a $10,800, 896 bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $95 a share 2. Issued 460 shares of common stock for equipment. The equipment had been appraised at $7,600; the seller's book value was $6,600. The most recent market price of the common stock is $14 a share. 3. Issued 387 shares of common and 94 shares of preferred for a lump sum amounting to $10,900. The common had been selling at $12 and the preferred at $63. 4. Issued 190 shares of common and 51 shares of preferred for equipment. The common had a fair value of $14 per share; the equipment has a fair value of $6,000. Record the transactions listed above in journal entry form. (Round Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to o decimal places, e.g. $38,487. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

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

Students also viewed these Accounting questions