Stated Value, Common and Preferred Stock, and Noncash Assets

1. Prepare general journal entries for these transactions, identifying each by letter.

If an amount box does not require an entry, leave it blank.

Kris Kraft Stores had the following stock transactions during the year:

(a)

Issued 4,100 shares of no-par common stock with a stated value of $10 per share for $41,000 cash.

(b)

Issued 6,300 shares of no-par common stock with a stated value of $8 per share for $52,490 cash.

(c)

Issued 5,100 shares of no-par, 6% preferred stock with a stated value of $15 per share for $76,500 cash.

(d)

Issued 10,200 shares of $5 par common stock for land with a fair market value of $51,000.

(e)

Issued 10,300 shares of $7 par common stock with a $9 fair market value for a building with an uncertain fair market value.

(f)

Issued 7,700 shares of $50 par, 8% preferred stock for land with a fair market value of $389,640.

1. Prepare general journal entries for these transactions, identifying each by letter.

If an amount box does not require an entry, leave it blank.

Page:

	DATE	ACCOUNT TITLE	DOC. NO.	POST. REF.	DEBIT	CREDIT
1	a.						1
2							2
3							3
4	b.						4
5							5
6							6
7							7
8	c.						8
9							9
10							10
11	d.						11
12							12
13							13
14	e.						14
15							15
16							16
17							17
18	f.						18
19							19
20							20