Business, 25.08.2021 03:30, emilylol04173
Bridgeport corporation was organized on january 1, 2020. it is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10 issued 85,000 shares of common stock for cash at $4 per share.
Mar. 1 issued 5,150 shares of preferred stock for cash at $110 per share.
Apr. 1 issued 22,000 shares of common stock for land. the asking price of the land was $90,000. the fair value of the land was $84,000.
May 1 issued 78,000 shares of common stock for cash at $5.25 per share.
Aug. 1 issued 11,000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize.
Sept. 1 issued 12,000 shares of common stock for cash at $7 per share.
Nov. 1 issued 1,000 shares of preferred stock for cash at $113 per share.
Required:
Journalize the transactions.
Answers: 2
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Bridgeport corporation was organized on january 1, 2020. it is authorized to issue 15,000 shares of...
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