A corporation issued 6,000 shares of $30 par value common stock for $216,000 cash. A corporation...

A corporation issued 6,000 shares of $30 par value common stock for $216,000 cash.

A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,500. The stock has a $1 per share stated value.

A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,500. The stock has no stated value.

A corporation issued 1,500 shares of $50 par value preferred stock for $105,500 cash.

Expert Solution

	Particulars	Debit	Credit
1	Cash	$ 216,000.00
	Common stock, $30 par value		$ 180,000.00
	Paid in capital in excess of $30 par value, common stock		$ 36,000.00
	(issued 6,000 shares of $30 par value common stock for $216,000 cash)

2	Organization expense	$ 30,500.00
	Common stock, $1 stated value		$ 3,000.00
	Paid in capital in excess of $1 stated value		$ 27,500.00
	(issued 3,000 shares of $1 stated value common stock to promoters in exchange for their efforts, estimated to be worth $30,500)

3	Organization expense	$ 30,500.00
	Common stock, no par value		$ 30,500.00
	(issued 3,000 shares of no-par common stock to promoters in exchange for their efforts, estimated to be worth $30,500)

4	Cash	$ 105,500.00
	Prefered Stock		$ 75,000.00
	Paid in capital in excess of $50 par value preffered stock		$ 30,500.00
	(issued 1,500 shares of $50 par value preferred stock for $105,500 cash)

ekkarill92 answered 1 year ago

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