Skysong Corporation's charter authorized issuance of 103,000 shares of $10 par value common stock and 47,400 shares of $50 par value preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. 3. 4. Issued a $9,200, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $105 a share. Issued 540 shares of common stock for equipment. The equipment had been appraised at $6,800; the seller's book value was $6,600. The most recent market price of the common stock is $17 a share. Issued 248 shares of common and 124 shares of preferred for a lump sum amounting to $9,700. The common had been selling at $15 and the preferred at $70. Issued 190 shares of common and 46 shares of preferred for equipment. The common had a fair value of $17 per share; the equipment has a fair value of $6,200. Record the transactions listed above in journal entry form. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 38,487. Credit account titles are automatically indented when the amount is entered.

Skysong Corporation's charter authorized issuance of 103,000 shares of $10 par value common stock and 47,400 shares of $50 par value preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. 3. 4. Issued a $9,200, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $105 a share. Issued 540 shares of common stock for equipment. The equipment had been appraised at $6,800; the seller's book value was $6,600. The most recent market price of the common stock is $17 a share. Issued 248 shares of common and 124 shares of preferred for a lump sum amounting to $9,700. The common had been selling at $15 and the preferred at $70. Issued 190 shares of common and 46 shares of preferred for equipment. The common had a fair value of $17 per share; the equipment has a fair value of $6,200. Record the transactions listed above in journal entry form. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 38,487. Credit account titles are automatically indented when the amount is entered.

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 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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