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Facts: Kathleen Battle Corporation was organized on
January 1, 2014. It is authorized to issue 10,000 shares
of 8%, $100 par value preferred stock, and 500,000
shares of no-par common stock with a stated value of $1
per share. The following transactions were completed
during the first year. Prepare entries to record the
transactions.
E15-5 (Lump-Sum Sales of Stock with Preferred Stock) Dave Matthew
Inc. issues 500 shares of $10 par value common stock and 100 shares of
$100 par value preferred stock for a lump sum of $100,000.
EXERCISE 15-6 (15th edition)
Facts: Lindsey Hunter Corporation is authorized to issue 50,000 shares
of $5 par value C/S. During 2014, Lindsey Hunter took part in the
following selected transactions.
1. Issued 5,000 shares of stock at $45 per share, less costs related to the
issuance of the stock totaling $7,000.
2. Issued 1,000 shares of stock for land appraised at $50,000. The stock
is actively traded on a national exchange at approximately $46 per share
on the date of issuance.
2. Issued 1,000 shares of stock for land appraised at $50,000. The stock
is actively traded on a national exchange at approximately $46 per share
on the date of issuance.
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ACCT 551 Week 5 Homework E15-15, E15-16
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