Jan. 10 Issued 80,700 shares of common stock for cash at $7 per share. Mar. 1 Is

Question

Jan. 10 Issued 80,700 shares of common stock for cash at $7 per share. Mar. 1 Issued 5,960 shares of preferred stock for cash at $112 per share. Apr. Issued 24,550 shares of common stock for land. The asking price of the land was $91,460;the fair value of the land was $80,700. May 1 Issued 80,700 shares of common stock for cash at $9 per share. Aug.1 Issued 10,400 shares of common stock to attorneys in payment of their bill of $53,000 for services rendered in helping the company organize Sept. 1 Issued 10,400 shares of common stock for cash at $11 per share. Nov. 1 Issued 990 shares of preferred stock for cash at $114 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Date Account titles and Explanation Debit Credit Jan-10 Cash (80700 *7$) $564,900.00 To Common Stock- No Par (80700*1$) $80,700.00 To Paid up Capital in excess of Par/Addl Paid up capital (80700*6$) $484,200.00 (Being 80700 Common Stock issued at 7$/Share ) Mar-01 Cash (5960 *112$) $667,520.00 To Preferred Stock (5960*100$) $596,000.00 To Paid up Capital in excess of Par/Addl Paid up capital (5960*12$) $71,520.00 (Being 5960 Preferred Stock issued at 112$/Share ) Apr-01 Land a/c $91,460.00 To Common Stock- No Par (24550*1$) $24,550.00 To Paid up Capital in excess of Par/Addl Paid up capital (91460-24550) $66,910.00 (Being 24550 shares issued for Land @91460$) May-01 Cash (80700 *9$) $726,300.00 To Common Stock- No Par (80700*1$) $80,700.00 To Paid up Capital in excess of Par/Addl Paid up capital (80700*8$) $645,600.00 (Being 80700 Common Stock issued at 9$/Share ) Aug-01 Bills Payable A/c $53,000.00 To Common Stock- No Par (10400*1$) $10,400.00 To Paid up Capital in excess of Par/Addl Paid up capital(53000-10400) $42,600.00 (Being 10400 shares issued for bill payable @53000$) Sep-01 Cash (10400 *11$) $114,400.00 To Common Stock- No Par (10400*1$) $10,400.00 To Paid up Capital in excess of Par/Addl Paid up capital (10400*10$) $104,000.00 (Being 10400 Common Stock issued at 11 $/Share ) Nov-01 Cash (990 *114$) $112,860.00 To Preferred Stock (990*100$) $99,000.00 To Paid up Capital in excess of Par/Addl Paid up capital (990*14$) $13,860.00 (Being 990 Preferred Stock issued at 114$/Share )

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