The following is the Paid-In Capital section of stockholders' equity for the Akebono Corporation on June 1,
Question:
The following is the Paid-In Capital section of stockholders' equity for the Akebono Corporation on June 1, 201X:
Paid-In Capital:
Preferred Stock, $96 par, authorized 23,000 shares, 6,000 shares issued.........$ 576,000
Paid-In Capital in Excess of Par Value-Preferred Stock.............................105,000
Common Stock, $27 par, authorized 52,000 shares, 24,000 shares issued..........648,000
Paid-In Capital in Excess of Par Value-Common Stock.............................160,000
Total Paid-In Capital....................................................................$1,489,000
201X
June 1 Issued 2,900 shares of preferred stock at $100 per share.
2 Issued 7,400 shares of common stock at $44 per share.
15 Issued 7,700 shares of common stock at $42 per share.
July 2 Issued 5,300 shares of preferred stock at $108 per share.
18 Issued 2,000 shares of common stock in exchange for building and land with fair market value of $63,000 and $50,000, respectively.
1. Journalize the preceding entries and update the stockholders' equity ledger.
2. Prepare a new Paid-In Capital section of stockholders' equity as of July 31, 201X.
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College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater