Kieso Intermediate Accounting 16e Intermediate Accounting AC

Kieso, Intermediate Accounting, 16e Intermediate Accounting (ACCT 3110, 3120) actice Gradebook ORION Downloadable eTextbook nment CALCULATOR BACK Kathleen Battle Corporation was organized on January 1, 2017. 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 stock transactions were completed during the first year Jan. 10 Issued 80,000 shares of common stock for cash at $5 per share. Mar. 1 Issued 5,000 shares of preferred stock for cash at $108 per share. Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000; the fair value of the land was $80,000 May 1 Issued 80,000 shares of common stock for cash at $7 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services rendered in helping the company organize. Sept. 1 Issued 10,000 shares of common stock for cash at $9 per share. Nov. 1Issued 1,000 shares of preferred stock for cash at $112 per share. Prepare the journal entries to record the above transactions. (Credit account tities are automatically indented when amount is entered. Do not indent manualily If no entry is required, select \"No Entry\" for the account titles and enter O for the amounts Date Account Titles and Explanation Debit Credit Version 4.24.4.5 Policy 200 All Rights Reserved. A Division of

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Journal Entries Date Account Titles Debit Credit Jan.10 Cash $400,000 Common Stock $80,000 Additional Paid in Capital - Common stock $320,000 Mar.1 Cash $540,000 Preferred Stock $500,000 Additional Paid in Capital - Preferred stock $40,000 Apr.1 Land $90,000 Common Stock $24,000 Additional Paid in Capital - Preferred stock $66,000 May.1 Cash $560,000 Common Stock $80,000 Additional Paid in Capital - Common stock $480,000 Aug.1 Accounts Payable $50,000 Common Stock $10,000 Additional Paid in Capital - Common stock $40,000 Sept.1 Cash $90,000 Common Stock $10,000 Additional Paid in Capital - Common stock $80,000 Nov.1 Cash $112,000 Preferred Stock $100,000 Additional Paid in Capital - Preferred stock $12,000