ACCT 551 RANK Start With a Dream /acct551rank.com ACCT 551 RANK Start With a Dream /acct551rank.com | Page 43

FOR MORE CLASSES VISIT
www.acct551rank
EXERCISE 15-2
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.