Bonita Corporation was organized on January 1, 2020. It is authorized to issue 10,100 shares of 8%, $100 par value preferred stock, and 541,900 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 80,150 shares of common stock for cash at $6 per share. Mar. Issued 5,240 shares of preferred stock for cash at $111 per share. 1 Apr. 1 May 1 Aug. Issued 24,860 shares of common stock for land. The asking price of the land was $90,530; the fair value of the land was $80,150. Issued 80,150 shares of common stock for cash at $9 per share. Issued 10,100 shares of common stock to attorneys in payment of their bill of $54,900 for services rendered in helping the company organize. 1 Sept. Issued 10 100 shares of common stock for cash: per share

Bonita Corporation was organized on January 1, 2020. It is authorized to issue 10,100 shares of 8%, $100 par value preferred stock, and 541,900 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 80,150 shares of common stock for cash at $6 per share. Mar. Issued 5,240 shares of preferred stock for cash at $111 per share. 1 Apr. 1 May 1 Aug. Issued 24,860 shares of common stock for land. The asking price of the land was $90,530; the fair value of the land was $80,150. Issued 80,150 shares of common stock for cash at $9 per share. Issued 10,100 shares of common stock to attorneys in payment of their bill of $54,900 for services rendered in helping the company organize. 1 Sept. Issued 10 100 shares of common stock for cash: per share

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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