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Determine the balance sheet amounts for common stock

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Reference no: EM131884320

Question - How to work Stock Issuance exercise

(a) Issued 5,000 shares of $5 par common stock for cash at $15 per share

(b) Issued 7,000 shares of common stock on May 1, to acquire a factory bldg from Barkley Co. Barkley had acquired the bldg in 2010 for $150,000. Horace estimates bldg with $175,000 on May 1, 2014

(c) Issued 2,000 shares of stock on Jun 1 to acquire a patent accountant was unable to estimate the value of the patent, determined Horace common stock was selling at $25 per share on Jun 1

1. Record entry for each transaction.

2. Determine the balance sheet amounts for common stock and additional paid in capital.

Reference no: EM131884320

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