I need the answer complete and in computer, no handwritten please. Mackenzie Corporation was organized on January 1, 201
Posted: Tue Apr 26, 2022 10:22 am
I need the answer complete and in computer, no handwritten
please.
Mackenzie Corporation was organized on January 1, 2018. It is
authorized to issue 15,000 shares of 8%, $100 par value preferred
stock, and 800,000 shares of no-par common stock with a stated
value of $4 per share. The following stock transactions were
completed during the first year.
Jan. 10 Issued 90,000 shares of common stock for cash at $6 per
share.
Feb. 15 Issued 5,000 shares of preferred stock for cash at $105
per share.
Apr. 1 Issued 25,000 shares of common stock for land. The asking
price of the land was $95,000. The fair value of the land was
$87,000.
May 15 Issued 75,000 shares of common stock for cash at $6.50
per share.
July. 1 Issued 9,000 shares of common stock to attorneys in
payment of their bill of $30,000 for services performed in helping
the company organize.
Oct. 1 Issued 10,000 shares of common stock for cash at $5 per
share. Nov. 1 Issued 1,800 shares of preferred stock for cash at
$109 per share.
Instructions
(a) Journalize the transactions.
(b) Post to the stockholders’ equity accounts.
(c) Prepare the paid-in capital section of stockholders’ equity
at December 31, 2018
please.
Mackenzie Corporation was organized on January 1, 2018. It is
authorized to issue 15,000 shares of 8%, $100 par value preferred
stock, and 800,000 shares of no-par common stock with a stated
value of $4 per share. The following stock transactions were
completed during the first year.
Jan. 10 Issued 90,000 shares of common stock for cash at $6 per
share.
Feb. 15 Issued 5,000 shares of preferred stock for cash at $105
per share.
Apr. 1 Issued 25,000 shares of common stock for land. The asking
price of the land was $95,000. The fair value of the land was
$87,000.
May 15 Issued 75,000 shares of common stock for cash at $6.50
per share.
July. 1 Issued 9,000 shares of common stock to attorneys in
payment of their bill of $30,000 for services performed in helping
the company organize.
Oct. 1 Issued 10,000 shares of common stock for cash at $5 per
share. Nov. 1 Issued 1,800 shares of preferred stock for cash at
$109 per share.
Instructions
(a) Journalize the transactions.
(b) Post to the stockholders’ equity accounts.
(c) Prepare the paid-in capital section of stockholders’ equity
at December 31, 2018