Shamrock Corporation’s charter authorized issuance of 100,000 shares of $10 par value common stock and 53,400...

Shamrock Corporation’s charter authorized issuance of 100,000 shares of $10 par value common stock and 53,400 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others.

1.		Issued a $9,500, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $103 a share.
2.		Issued 480 shares of common stock for equipment. The equipment had been appraised at $7,100; the seller’s book value was $6,700. The most recent market price of the common stock is $15 a share.
3.		Issued 358 shares of common and 90 shares of preferred for a lump sum amounting to $10,200. The common had been selling at $13 and the preferred at $60.
4.		Issued 220 shares of common and 51 shares of preferred for equipment. The common had a fair value of $15 per share; the equipment has a fair value of $6,000.

Record the transactions listed above in journal entry form. (Round Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to 0 decimal places, e.g. $38,487. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.

please explain detail

Expert Solution

No	Account Titles and Explanation	Debit	Credit
1	Cash	9,500.00
	Discount on bond issued	103.00
	Bond Payable		9,500.00
	Preferred stock par value		50.00
	Additional paid in Capital/Share premium		53.00

2	Equipment(480*15)	7,200.00
	Common stock par value(480*10)		4,800.00
	Additional paid in capital(7200-4800)		2,400.00

3	Cash	10,200.00
	Common Stock(k)		3,631.99
	Additional paid in capital common stock(l)		1,089.60
	Preferred Stock(k)		4,565.35
	Additional paid in capital preferred stock(l)		913.07

4	Equipment	6,000.00
	Common stock par value(220*10)		2,200.00
	Additional paid in capital common stock(3300-2200)		1,100.00
	Preferred stock par value(51*50)		2,550.00
	Additional paid in capital Preferred stock(6000-3300-2550)		150.00

	Shares(a)	Rate(b)	Amount(c )	Proportion to FV(d)	*(e=10200d%)**	*Par Value(f=apar value)**	Additional paid in capital(g = c-f)	*Proportion (j=g/f100)**	Allocation (k=e/(100+j)%)	Additional paid in capital(l = e-k)
Common stock	358	13	4,654.00	46.29	4,721.58	3,580.00	1,074.00	30	3,631.99	1,089.60
Preferred stock	90	60	5,400.00	53.71	5,478.42	4,500.00	900	20	4,565.35	913.07
Total FV			10,054.00	100	10,200.00	8,080.00	1,974.00		8,197.33	2,002.67

ekkarill92 answered 11 months ago

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