Delong Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock. and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Issued 80,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85.000 Issued 80.000 shares of common stock for cash at $4.50 per share Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services performed in helping the company organize Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $109 per share. Jan 10 Mar. 1 Apr. 1 May Aug 1 1
Delong Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock. and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Issued 80,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85.000 Issued 80.000 shares of common stock for cash at $4.50 per share Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services performed in helping the company organize Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $109 per share. Jan 10 Mar. 1 Apr. 1 May Aug 1 1
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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