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