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I will need the answer in 20 minutes. This is for...

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I will need the answer in 20 minutes. This is for Pjain only. First Inc. was incorporated on 1/1/12. They have authorized 100,000 shares of 5%, $100 par value preferred stock and 500,000 shares of common stock with a par value (stated value) of $1. They had the following transactions in 2012: 1. Issued 70,000 shares of common stock for $4.50 each. 2. Issued 3,000 shares of common stock in exchange for a legal services bill of $15,000. 3. Issued 1,000 shares of preferred stock for $105 each. 4. Issued 1,200 shares of common stock and 500 of preferred stock for a lump-sum price of $57,000. At that time the common shares had a fair market value of $5 each and the preferred had a fair market value of $108 each. 5. Repurchased 10,000 shares of common stock for $5.50 each. Required: Prepare the journal entries for each of the transactions mentioned

 

Paper#9604 | Written in 18-Jul-2015

Price : $25
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