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Problem 11-1A Bramble Corp. was organized on January 1, 2019. It is authorized to issue...

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Accounting

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Problem 11-1A Bramble Corp. was organized on January 1, 2019. It is authorized to issue 13,000 shares of 8%, $100 par value preferred stock, and 526,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year: Jan. 10 Issued 84,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,150 shares of preferred stock for cash at $105 per share Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $91,000. The fair value of the land was $80,500 May 1 Issued 83,500 shares of common stock for cash at $4.75 per share. Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $38,500 for services performed in helping the company organize Sept. 1 Issued 12,000 shares of common stock for cash at $7 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at $109 per share

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