Type

Supper Company Ltd., reported the following stockholders equity on its balance sheet at June 30,

2012:

Supper Company Ltd.

Stockholders Equity

June 30,2012

Paid-in Capital

Preferred stock, 10%,? par, 650,000 shares authorized, 280,000 shares issued $ 1,400,000

Common stock, par value $? per share, 5,000,000 shares authorized,

1,000,000 shares issued and outstanding

2,000,000

Paid-in capital in excess of parcommon 6,000,000

Total paid-in capital 9,400,000

Retained earnings 12,300,000

Total Stockholders equity $21,700,000

Requirements:

1. What is the par value per share of Suppers preferred stock? (Show Workings)

2. What is the par value per share of Suppers common stock? (Show Workings)

3. What is the selling per share for the $6,000,000 reported as paid-in capital in excess of par

common? (Show Workings)

4. Prepare two (2) summary journal entries to record issuance of all the Supper Company Ltd stock for

cash. Explanations are not required.

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