ACC 537 Week 4 Textbook Problem P15 4 , E21 2 FOR MORE CLASSES VISIT www . acc537study . com
ACC 537 Week 4 Textbook Problem P15 4 , E21 2 FOR MORE CLASSES VISIT www . acc537study . com
P15-4 ( Stock Transactions — Lump Sum ) Seles Corporation ’ s charter authorized issuance of 100,000 shares of $ 10 par value common stock and 50,000 shares of $ 50 preferred stock . The following transactions involving the issuance of shares of stock were completed . Each transaction is independent of the others .
1 . Issued a $ 10,000 , 9 % bond payable at par and gave as a bonus one share of preferred stock , which at that time was selling for $ 106 a share .
2 . Issued 500 shares of common stock for equipment . The equipment had been appraised at $ 7,100 ; the seller ’ s book value was $ 6,200 . The most recent market price of the common stock is $ 16 a share .
3 . Issued 375 shares of common and 100 shares of preferred for a lump sum amounting to $ 10,800 . The common had been selling at $ 14 and the preferred at $ 65 .
4 . Issued 200 shares of common and 50 shares of preferred for equipment . The common had a fair value of $ 16 per share ; the equipment has a fair value of $ 6,500 .
Instructions Record the transactions listed above in journal entry form .
E21-2 ( Lessee Computations and Entries ; Capital Lease with Guaranteed Residual Value ) Pat Delaney Company leases an