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On December 27, 2010, Glade Company was authorized to issue 250,000 shares of valu lize...

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Accounting

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On December 27, 2010, Glade Company was authorized to issue 250,000 shares of valu lize stock ces for cash, s (organization and property; 2011 e resulting sheet (Lo.s) Ja. 14 Issued 45,000 shares of common stock at $30 per share for cash e common stock. It then completed the following transactions: Jan. 29 Gave the promoters of the corporation 25,000 shares of common stock e services in organizing the company. The board of directors valued thes at $744,000. Exchanged 50,000 shares of common stock for the following assets at the indicated fair market values: 19 Land Building Machinery $216,000 528,000 720,000 Requireda. Prepare general journal entries to record the transactions. b. Prepare the balance sheet of the company as of March 1, 2011

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