Stock transactions, Financial Accounting

 

Brazil Corporation was organized on January 1, 1999. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of common stock with a par value of $1 per share. The following stock transactions were completed during the first year:

Jan. 10             Issued 100,000 shares of common stock for cash at $3 a share.

Mar. 1             Issued 10,000 shares of preferred stock for cash at $51 per share.

Apr. 1              Issued 25,000 shares of common stock for land. The asking price of the land was $90,000; the company's estimate of fair market value of the land was $85,000.

May 1              Issued 75,000 shares of common stock for cash at $4 per share.

Aug. 1              Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 pertaining to services rendered in helping the company organize.

Sept. 1             Issued 5,000 shares of common stock for cash at $6 per share.

Nov. 1              Issued 2,000 shares of preferred stock for cash at $53 per share.

 

 

Posted Date: 2/14/2013 1:33:07 AM | Location : United States







Related Discussions:- Stock transactions, Assignment Help, Ask Question on Stock transactions, Get Answer, Expert's Help, Stock transactions Discussions

Write discussion on Stock transactions
Your posts are moderated
Related Questions
Retirement benefits 1)      Provident fund and family pension: a.       Contribution to PF and PPF are provided for and payments in respect thereof are made to the relevant

Task This task is designed to further develop your critical analysis and research skills related to the tourism or hospitality enterprise you selected for Assignment 1. You are


explain the terms recording,classifying,summarizing and communicating

Form No special form is normally required for the creation of a trust except that a declaration of trust respecting land or any interest therein must be manifested and proved b

You are the auditor of a small private company called XYZ Limited. Last year, which was 20X9, the audit went smoothly and every balance on the financial statements was correct. Thi

Financial Statement Analysis Group Project 2 ACCT3303 Spring 2013 Due Date: May 5 (by the end of the day) The specific purposes of this project are: 1. Apply to actual companies th

Q. Illustrate Management of commercial and political risk? Commercial risk comprises both the physical risk that goods in transit may be lost stolen or destroyed as well as the

Jim owns and manages a small business, which provides an office design service, as well as buying and selling office furniture. Jim is a sole trader who manages all aspects of the

Illustration of maximum possible loss method A, B and C have been partners for several years, sharing profits and losses in the ratio 2:2:1. They decided to dissolve the firm o