Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. whispering winds corporation was organized on janu

Whispering Winds Corporation was organized on January 1,2027. It is authorized to issue...

70.2K

Verified Solution

Question

Accounting

Whispering Winds Corporation was organized on January 1,2027. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 513,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.Jan. 10 Issued 78,000 shares of common stock for cash at $4 per share.Mar.Apr..1May1Aug1Sept.1Issued 5,750 shares of preferred stock for cash at $110 per share.Issued 23,000 shares of common stock for land. The asking price of the land was $94,000. The fair value of the land was $80,500.Issued 81,500 shares of common stock for cash at $4.25 per share.Issued 10,500 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize.Issued 11,500 shares of common stock for cash at $6 per share.Nov. 1 Issued 3,000 shares of preferred stock for cash at $108 per share.
image

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

Biology
1.2K views

IMMUNOLOGY ONLY Mycobacterium tuberculosis is an intracellular bacterial pathogen. An individual’s exposure to this pathogen can be tested...

General Management
1.2K views

?Ollah's Organic Pet Shop sells about 6 comma 0006,000 bags of? free-range dog biscuits every year....

Physics
1.2K views

0 A charge q is lying at mid point of the line joining the two...

Physics
1.2K views

A simple pendulum of effective length is hanging from a ceiling of a trolley which...

Geometry
1.2K views

What is the complement of event of a teacher randomly calling on a student that...

Basic Math
1.2K views

Write the expression as a single logarithm 4 log log logx 2log y log w

Basic Math
1.2K views

A study reports that 61 of Americans support increased funding for public schools If 3...

Accounting
1.2K views

The Target Sales Co. which is a wholesale trading company, had the following Sales and...

Accounting
1.2K views

1. Using the full case opinion of Gerber & Gerber, P.C. v. Regions Bank, set...

Accounting
1.2K views

The Harris Company is authorized to issue 1,000,000 shares of $5 par value common stock....

Accounting
1.2K views

33 Stealth Fitness Center issues 7%,6-year bonds with a face amount of $200,000. The market...

Finance
1.2K views

1) a) b) c) d) Claire's grandfather had opened a savings account in her name...