Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. united rentals corporation is authorized to issue

United Rentals Corporation is authorized to issue 100,000 shares of 5%, $60 par value preferred stock...

50.1K

Verified Solution

Question

Accounting

United Rentals Corporation is authorized to issue 100,000 sharesof 5%, $60 par value preferred stock and 5,000,000 shares of no-parcommon stock with a stated value of $3 per share. During 2018, itsfirst year of operation, the company has the followingtransactions.    

    Jan. 1 Issued 15,000 shares of preferredstock for cash at $106 per share.    

    Jan. 15 Issued 500,000 shares of common stockfor cash at $8 per share.    

    Mar. 2 Issued 20,000 shares of common stockfor land. The land had an

             asking price of $300,000. The stock is currently selling

             on a national exchange at $14 per share.

    Apr. 30 Issued 4,000 shares of common stockto attorneys in payment of

             their bill for $50,000 for legal services rendered in helpingthe

             company incorporate.

    Sept. 5 Purchased 10,000 shares of its owncommon stock at

             $15 per share.    

    Dec. 6 Sold 8,000 shares of the treasurystock at $16 per share.

    Dec. 10 Sold the remaining treasury stock for$14 per share.    

     INSTRUCTIONS

     Journalize the transactions for UnitedRentals Corporation.

Answer & Explanation Solved by verified expert
3.6 Ratings (671 Votes)
    See Answer
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

Finance
1.2K views

Use the Black-Scholes model to find the value for a European put option that has an...

Basic Math
1.2K views

Business Statistics Data Analysis for Managers making decisions You manage a line of consumer products and want...

Chemistry
1.2K views

Revised Question: How can I obtain molarities of the final solutions with this information that I...

Chemistry
1.2K views

A total of 2.00 mol of a compound is allowed to react with water in a...

Biology
1.2K views

Row 1 2 3 4 Formation Formation Growth of of Egg of Sperm Embryo mitosis...

Physics
1.2K views

of electric field lines In ach pattern a proton is released from rest at point...

Basic Math
1.2K views

Let G = { 2,0,2} and H= {4,6,8) and define a relation V from G...

Accounting
1.2K views

On January 1,2023, French Company acquired 60 percent of K-Tech Company for $319,500...

Accounting
1.2K views

9- Auditor observations are not considered as audit evidence A. True B. False

Accounting
1.2K views

3. What are the weaknesses of capital market research? 4. What is post-earnings-announcement drift, and...

Accounting
1.2K views

The production department of Zan Corporation has submitted the following forecast of units to be...

Accounting
1.2K views

Which of the following sections of the statement of cash flows includes activities that increase...