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HANDOUT 1 stockholders 3 1. The Halley, Corporation was organized on April 1 of the...

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Accounting

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HANDOUT 1 stockholders 3 1. The Halley, Corporation was organized on April 1 of the current year with an Authorization of 10,000 shares of 7%. $60 pur value preferred stock and 100,000 shares or $20 par value common stock. During April, the following transactions affecting equity occurred: Apr 1 Issued 6,000 shares of preferred stock for $81 cash per share and 40,000 shares of common stock at $28 cash per share. Issued 500 shares of common stock to attorneys and promoters in exchange for their services valued at $14,000. organizmo Col 8 Issued 750 shares of preferred stock in exchange for equipment with a fair market value of $61,500 17 Received land valued at $90,000 as a donation from the city to attract Halley to its present location. The land will allow Halley to have adequate parking for its operations. 20 Issued 4,000 shares of common stock for cash at $29 per share. 30 Closed the $30,000 net income for April from the Income Summary account to Retained Earnings REQUIRED: A. Prepare general journal entries to record the foregoing transactions. B. Prepare the stockholders' equity section of the balance sheet at April 30

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