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steps and how to pls Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year,
steps and how to pls
Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 2% preferred stock, $70 par and 300,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 140,000 shares of common stock at par for cash. July, 1 July. 1 Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July, 1 Aug. 7. Issued 21,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $98,000, $537,000, and $121,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Sept. 20. Issued 15,000 shares of preferred stock at $78 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20 Step by Step Solution
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