The Lompoc Corporation is authorized to issue 690,000 shares of $7 par-value common stock and 290,000 shares of 6 percent, $110 par-value preferred stock. January 1 The corporation issued 29,000 shares of common stock to Charles Bogle for $27 per share, purchased with cash. January 2 Issued 6,000 shares of preferred stock to Floyd Merkle for $123 per share, purchased with cash. January 2 Paid the attorney $3,100 for legal fees, charter fee, and cost of engraving stock certificates. Prepare the journal entries to record the transactions.

The Lompoc Corporation is authorized to issue 690,000 shares of $7 par-value common stock and 290,000 shares of 6 percent, $110 par-value preferred stock. January 1 The corporation issued 29,000 shares of common stock to Charles Bogle for $27 per share, purchased with cash. January 2 Issued 6,000 shares of preferred stock to Floyd Merkle for $123 per share, purchased with cash. January 2 Paid the attorney $3,100 for legal fees, charter fee, and cost of engraving stock certificates. Prepare the journal entries to record the transactions.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 8PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...

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January 1	The corporation issued 29,000 shares of common stock to Charles Bogle for $27 per share, purchased with cash.
January 2	Issued 6,000 shares of preferred stock to Floyd Merkle for $123 per share, purchased with cash.
January 2	Paid the attorney $3,100 for legal fees, charter fee, and cost of engraving stock certificates.

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