Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. chapter 10 problem 1 last homework corporation i

Chapter 10 problem 1 Last Homework Corporation is authorized to issue 2,000,000 shares...

50.1K

Verified Solution

Question

Accounting

Chapter 10 problem 1
Last Homework Corporation is authorized to issue 2,000,000 shares of $3 par value common stock. During 2024, its first year of operation, the company had the following stock transactions.
Jan. 1 Issued 600,000 shares of stock at $8 per share.
Jan. 31 Attorneys for the company accepted 1,500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $6,500.
July 15 Issued 150,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $5.80 per share.
Instructions
Journalize the transactions for Last Homework Corporation.
\table[[Date,A,L,SE,R,E,NI,CF,Account,DR,CR],[Jan 1,+/-4.8 mil,,,,,,,,+IA,Common Stock]]
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

Find the equation of the plane that is parallel to the vectors 2 0 3...

Finance
1.2K views

Suppose that the current spot exchange rate of the EUR is USD 1.15 / EUR and...

Programming
1.2K views

Write a program using Newton's method: Use your programs to find approximations to within 10^(-4) to all...

Mechanical Engineering
1.2K views

If the valve face and valve seat do not contact each other evenly after reconditioning---. a....

Physics
1.2K views

At t = 0, one toy car is set rolling on a straight track with initial...

Geometry
1.2K views

1 Previous Convert to rational exponents x

Accounting
1.2K views

On January 1, 2022, Blossom Corporation had the following stockholders' equity...

Accounting
1.2K views

A condensed income statement by product line for Healthy Beverage Inc. indicated the following for...

Accounting
1.2K views

1: Caleb Griffin's filing status is married filing jointly, and he has earned gross pay...

Accounting
1.2K views

Primus, Inc., owns all outstanding stock of Sonston, Inc. For the current year, Primus reports...

Accounting
1.2K views

Blackhawk Corporation estimates that $30,000 of their accounts made on sale is uncollectible for the...

Accounting
1.2K views

Oceanview Magazine brud 5190.000 of 15 y 6 calable bonds payable on July 31, 2016...