1. Business
  2. Accounting
  3. problem 1301a ac grouper corporation was organized on january 1...

Question: problem 1301a ac grouper corporation was organized on january 1...

Question details

Problem 13-01A a-c

Grouper Corporation was organized on January 1, 2020. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 549,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 75,500 shares of common stock for cash at $6 per share.
Mar. 1 Issued 5,950 shares of preferred stock for cash at $110 per share.
Apr. 1 Issued 24,500 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $83,000.
May 1 Issued 80,000 shares of common stock for cash at $4.25 per share.
Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize.
Sept. 1 Issued 10,500 shares of common stock for cash at $7 per share.
Nov. 1 Issued 2,500 shares of preferred stock for cash at $114 per share.

Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Post to the stockholders’ equity accounts. (Post entries in the order of journal entries presented in the previous part.)

Prepare the paid-in capital section of stockholders’ equity at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.)

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution