Equity transactions.Presented below is information related to Wyrick Company:1. The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock.;2. 8,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $300,000. The board establishes a stated value of $5 a share for the common stock.;3. 5,000 shares of preferred stock are sold for cash at $120 per share.;4. The company issues 100 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $60 per share.;InstructionsPrepare the general journal entries necessary to record these transactions.
Paper#24722 | Written in 18-Jul-2015Price : $22