Rogers & Hart formed a corporation and had the following organization costs and stock transactions during the year: Transactions: June 30 Incurred the following costs of incorporation: Incorporation fees $ 900 Attorneys’ fees 6,000 Promotion fees 8,000 July 15 Issued 8,000 shares of $10 par common stock for $82,000 cash. Aug. 1 Received subscriptions for 10,000 shares of $10 par common stock for $101,500. 15 Issued 10,000 shares of $10 par common stock in exchange for a building with a fair market value of $104,800. 31 Received a payment of $51,500 for the common stock subscription. Sept. 3 Purchased 1,000 shares of its own $10 par common stock for $11 a share. 18 Received the balance in full for the common stock subscription and issued the stock. 30 Sold 500 shares of its treasury stock for $11.70 a share. Oct. 15 Issued 4,000 shares of $25 par, 8% preferred stock in exchange for land with a fair market value of $105,000. 31 Sold 500 shares of its treasury stock for $10.50 a share. Required: Prepare general journal entries for these transactions.
Rogers & Hart formed a corporation and had the following organization costs and stock transactions during the year: Transactions: June 30 Incurred the following costs of incorporation: Incorporation fees $ 900 Attorneys’ fees 6,000 Promotion fees 8,000 July 15 Issued 8,000 shares of $10 par common stock for $82,000 cash. Aug. 1 Received subscriptions for 10,000 shares of $10 par common stock for $101,500. 15 Issued 10,000 shares of $10 par common stock in exchange for a building with a fair market value of $104,800. 31 Received a payment of $51,500 for the common stock subscription. Sept. 3 Purchased 1,000 shares of its own $10 par common stock for $11 a share. 18 Received the balance in full for the common stock subscription and issued the stock. 30 Sold 500 shares of its treasury stock for $11.70 a share. Oct. 15 Issued 4,000 shares of $25 par, 8% preferred stock in exchange for land with a fair market value of $105,000. 31 Sold 500 shares of its treasury stock for $10.50 a share. Required: Prepare general journal entries for these transactions.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 9SPA: STOCK SUBSCRIPTIONS AND TREASURY STOCK Nash Roth formed a corporation and had the following...
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Rogers & Hart formed a corporation and had the following organization costs and stock transactions during the year:
| Transactions: | |||
| June | 30 | Incurred the following costs of incorporation: | |
| Incorporation fees | $ 900 | ||
| Attorneys’ fees | 6,000 | ||
| Promotion fees | 8,000 | ||
| July | 15 | Issued 8,000 shares of $10 par common stock for $82,000 cash. | |
| Aug. | 1 | Received subscriptions for 10,000 shares of $10 par common stock for $101,500. | |
| 15 | Issued 10,000 shares of $10 par common stock in exchange for a building with a fair market value of $104,800. | ||
| 31 | Received a payment of $51,500 for the common stock subscription. | ||
| Sept. | 3 | Purchased 1,000 shares of its own $10 par common stock for $11 a share. | |
| 18 | Received the balance in full for the common stock subscription and issued the stock. | ||
| 30 | Sold 500 shares of its |
||
| Oct. | 15 | Issued 4,000 shares of $25 par, 8% |
|
| 31 | Sold 500 shares of its treasury stock for $10.50 a share. |
Required:
| Prepare general |
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