In: Accounting
Bramble Corp. was organized on January 1, 2019. It is authorized
to issue 13,000 shares of 8%, $100 par value preferred stock, and
526,000 shares of no-par common stock with a stated value of $3 per
share. The following stock transactions were completed during the
first year:
Jan. | 10 | Issued 84,500 shares of common stock for cash at $6 per share. | |
Mar. | 1 | Issued 5,150 shares of preferred stock for cash at $105 per share. | |
Apr. | 1 | Issued 24,000 shares of common stock for land. The asking price of the land was $91,000. The fair value of the land was $80,500. | |
May | 1 | Issued 83,500 shares of common stock for cash at $4.75 per share. | |
Aug. | 1 | Issued 11,000 shares of common stock to attorneys in payment of their bill of $38,500 for services performed in helping the company organize. | |
Sept. | 1 | Issued 12,000 shares of common stock for cash at $7 per share. | |
Nov. | 1 |
Issued 2,000 shares of preferred stock for cash at $109 per share. |
Post to the stockholders’ equity accounts. (Post
entries in the order of journal entries presented in the previous
part.)
Preferred Stock |
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Paid-in Capital in Excess of Par Value-Preferred Stock |
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Common Stock |
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Paid-in Capital in Excess of Stated Value-Common Stock |
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PREFERRED STOCK | |||
1-Mar | $ 515,000 | ||
1-Nov | $ 200,000 | ||
End. Bal | $ 715,000 | ||
Paid-in capital in excess of par value- preferred stock | |||
1-Mar | $ 25,750 | ||
1-Nov | $ 18,000 | ||
End. Bal | $ 43,750 | ||
COMMON STOCK | |||
10-Jan | $ 253,500 | ||
1-Apr | $ 72,000 | ||
1-May | $ 250,500 | ||
1-Aug | $ 33,000 | ||
1-Sep | $ 36,000 | ||
End. Bal | $ 645,000 | ||
Paid-in capital in excess of stated value - common stock | |||
10-Jan | $ 253,500 | ||
1-Apr | $ 8,500 | ||
1-May | $ 146,125 | ||
1-Aug | $ 5,500 | ||
1-Sep | $ 48,000 | ||
End. Bal | $ 461,625 |