PROBLEM 7 (12 points) Glaser Corporation, was organized on Ja stock, and 60,000

Question

PROBLEM 7 (12 points) Glaser Corporation, was organized on Ja stock, and 60,000 shares of no-par common stock with a stated value of $5 per share. Journalize the following stock transactions that occurred during the year. Note: Write clearly and use full account names [Do not abbreviate]. nuary 1, 2017. It is authorized to ssue 9,000 shares of 8%, $30 par value preferred Jan. 8 Issued 12,000 common stock shares for cash at $8 per share. Apr. 3 ssued 8,000 shares of common stock for land. The asking price of the land was $50,000. Glaser Co. estimated that the fair value of the land was $45,000. Issued 2,000 shares of preferred stock for cash at $35 per share. May 8 June 5 Purchased 3,000 shares of its $5 stated value common stock at cash price per share of $15. Aug. 6 Issued 5,000 shares of common stock to attormeys in payment of their bil or $35,000 for services provided Sep. 12 Sold 700 shares of the treasury stock for cash at $16 per share. in helping the company organize. TAKE HOME EXAM p

Explanation / Answer

08-Jan Cash 96000 (12000*8)           Common stock 60000 (12000*5)           Additional paid in capital -common stock 36000 (12000*3) 03-Apr Land 50000           Common stock 40000 (8000*5)           Additional paid in capital -common stock 10000 08-May Cash 70000 (2000*35)            Preferred stock 60000 (2000*30)            Additional paid capital -preferred stock 10000 05-Jun Treasury stock 45000 (3000*15)            Cash 45000 06-Aug Organisation expense 35000           Common stock 25000 (5000*5)           Additional paid in capital -common stock 10000 12-Sep Cash 11200 (700*16)             Treasury stock 10500 (700*15)           Additional paid in capital - treasury stock 700

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