Question
In: Accounting
(2) Equity transactions. During its first year of operations, Eastern Data Links Corporation entered into the...
(2) Equity transactions.
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders’ equity. The articles of incorporation authorized the issue of 10 million common shares, $1 par per share, and 1 million preferred shares, $50 par per share.
Feb. 12 Sold 2 million common shares, for $9 per share.
13 Issued 38,000 common shares to attorneys in exchange for legal services.
13 Sold 78,000 of its common shares and 5,500 preferred shares for a total of $1,030,000.
Nov. 15 Issued 415,000 of its common shares in exchange for equipment for which the cash price was known to be $3,968,000. Required: Prepare the appropriate journal entries to record each transaction.
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ekkarill92 answered 2 years agoRelated Solutions
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 10 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share.
Feb.
12
Sold 2 million common shares, for $9 per share.
13
Issued 38,000 common shares to attorneys in exchange for legal
services.
13
Sold 78,000 of its common shares and 5,500 preferred shares for
a...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 8 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share.
Feb.
12
Sold 2 million common shares, for
$9 per share.
13
Issued 40,000 common shares to
attorneys in exchange for legal services.
13
Sold 80,000 of its common shares
and 4,000 preferred shares for a...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 8 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share.
Feb.
12
Sold 2 million common shares, for $8 per share.
13
Issued 41,000 common shares to attorneys in exchange for legal
services.
13
Sold 81,000 of its common shares and 7,000 preferred shares for
a...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 8 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share. Feb. 12 Sold 2 million common
shares, for $9 per share. 13 Issued 40,000 common shares to
attorneys in exchange for legal services. 13 Sold 80,000 of its
common shares and 4,000 preferred shares for a...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 9 million common shares, $1 par per share, and 3 million
preferred shares, $50 par per share.
Feb.
12
Sold 2 million common shares, for $10 per share.
13
Issued 48,000 common shares to attorneys in exchange for legal
services.
13
Sold 72,000 of its common shares and 5,000 preferred shares for
a...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholder’s equity. The articles of incorporation authorized the
issue of 8 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share. Feb. 12 Sold 2 million common
shares, for $9 per share. 13 Issued 40,000 common shares to
attorneys in exchange for legal services. 13 sold 80,000 of its
common shares and 4,000 preferred shares for a...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 7 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share.
Feb.
12
Sold 2 million common shares, for $10 per share.
13
Issued 35,000 common shares to attorneys in exchange for legal
services.
13
Sold 76,000 of its common shares and 4,000 preferred shares for
a...
Part A During its first year of operations, the McCollum Corporation entered into the following transactions...
Part A
During its first year of operations, the McCollum Corporation
entered into the following transactions relating to shareholders’
equity. The corporation was authorized to issue 104 million common
shares, $1 par per share.
Required:
Prepare the appropriate journal entries to record each
transaction.
Jan.
9
Issued 30 million common shares for $15 per share.
Mar.
11
Issued 4,300 shares in exchange for custom-made equipment.
McCollum’s shares have traded recently on the stock exchange at $15
per share.
Part B...
Part A During its first year of operations, the McCollum Corporation entered into the following transactions...
Part A
During its first year of operations, the McCollum Corporation
entered into the following transactions relating to shareholders’
equity. The corporation was authorized to issue 114 million common
shares, $1 par per share.
Required:
Prepare the appropriate journal entries to record each
transaction.
Jan.
9
Issued 70 million common shares for $20 per share.
Mar.
11
Issued 5,400 shares in exchange for custom-made equipment.
McCollum’s shares have traded recently on the stock exchange at $20
per share.
Part B...
Part A During its first year of operations, the McCollum Corporation entered into the following transactions...
Part A
During its first year of operations, the McCollum Corporation
entered into the following transactions relating to shareholders’
equity. The corporation was authorized to issue 116 million common
shares, $1 par per share.
Required:
Prepare the appropriate journal entries to record each
transaction.
Jan.
9
Issued 80 million common shares for $24 per share.
Mar.
11
Issued 5,600 shares in exchange for custom-made equipment.
McCollum’s shares have traded recently on the stock exchange at $24
per share.
Part B...
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