Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. problem 11-01a a-c (video) (part level submission)

Problem 11-01A a-c (Video) (Part Level Submission) Cul umber Company was organized on January 1...

80.2K

Verified Solution

Question

Accounting

imageimage

Problem 11-01A a-c (Video) (Part Level Submission) Cul umber Company was organized on January 1 2020 lt s authorized to issue 0 000 s ares o 8 % $100 par value preferred stock, and 450,000 s ares o no par common stoc share. The following stock transactions were completed during the first year: wi a stated 11 e ur pe- Jan. 10 Issued 75,000 shares of common stock for cash at $4 per share Mar. 1 Issued 4,000 shares of preferred stock for cash at $105 per share. Apr. Issued 22,000 shares of common stock for land. The asking price of the land was $85,000. The fair value of the land was $80,000. May Issued 75,000 shares of common stock for cash at $4.25 per share Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $35,000 for services performed in helping the company organize Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share Nov. 1 Issued 1,000 shares of preferred stock for cash at $108 per share

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