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Tunic Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of
Tunic Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: Apr. 1 issued 84,000 shares of common stock at $15 cash per share. (3) issued 6,000 shares of common stock to attomeys and promoters in exchange for their services in organizing the corporation. The services were valued 8 issued 3,000 shares of common stock in exchange for equipment with a fair market value of $52,000. 20 . Issued 10,000 shares of preferred stock for cash at 360 per share. Required a. Prepare journal entries to record the above transactions
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