- Bramble Corporation S Charter Authorized Issuance Of 105 000 Shares Of 10 Par Value Common Stock And 53 700 Shares Of 1 (44.28 KiB) Viewed 42 times
Bramble Corporation's charter authorized issuance of 105,000 shares of $10 par value common stock and 53,700 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. 3. 4. Issued a $9,600,8% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $108 a share. 1. Issued 550 shares of common stock for equipment. The equipment had been appraised at $6,600; the seller's book value was $6,100. The most recent market price of the common stock is $15 a share. 2. Issued 338 shares of common and 103 shares of preferred for a lump sum amounting to $10,500. The common had been selling at $13 and the preferred at $71. Record the transactions listed above in journal entry form. (Round Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to O decimal places, e.g. $38,487. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Issued 180 shares of common and 50 shares of preferred for equipment. The common had a fair value of $15 per share; the equipment has a fair value of $6,000. No. Account Titles and Explanation Debit Credit
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