Kingbird Corporations charter authorized issuance of 96,000 shares of $10 par value common stock and...
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Kingbird Corporations charter authorized issuance of 96,000 shares of $10 par value common stock and 47,700 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others.
1. Issued 357 shares of common and 95 shares of preferred for a lump sum amounting to $9,700. The common had been selling at $15 and the preferred at $61.
2. Issued 210 shares of common and 47 shares of preferred for equipment. The common had a fair value of $17 per share; the equipment has a fair value of $7,000.
Record the transactions listed above in journal entry form
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