Ayayal Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 450,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar, Apr. May Aug 1 1 1 1 Issued 75,000 shares of common stock for cash at $4 per share. Issued 4,000 shares of preferred stock for cash at $105 per share. Issued 22,000 shares of common stock for land. The asking price of the land was $85,000 The fair value of the land was $80,000 Sept 1 NOV 1 no issued 75.000 shares of common stock for cash at $4,25 per share Issued 10,000 shares of common stock to attorneys in payment of their bill of $35.000 for services performed in helping the company organize Issued 10,000 shares of common stock for cash at $5 per share Issued 1.000 shares of preferred stock for cash at $100 per share Preferred Stock

Ayayal Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 450,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar, Apr. May Aug 1 1 1 1 Issued 75,000 shares of common stock for cash at $4 per share. Issued 4,000 shares of preferred stock for cash at $105 per share. Issued 22,000 shares of common stock for land. The asking price of the land was $85,000 The fair value of the land was $80,000 Sept 1 NOV 1 no issued 75.000 shares of common stock for cash at $4,25 per share Issued 10,000 shares of common stock to attorneys in payment of their bill of $35.000 for services performed in helping the company organize Issued 10,000 shares of common stock for cash at $5 per share Issued 1.000 shares of preferred stock for cash at $100 per share Preferred Stock

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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