ACT_3392_Chp_15_Homework_Solutions

ACT_3392_Chp_15_Homework_Solutions - Intermediate...

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Intermediate Accounting II Amanda N. Paul, CPA, MBA Troy University
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Chapter 15 EXERCISE 15-2 Jan. 10 Cash (80,000 X $5) 400,000 Common Stock (80,000 X $1) 80,000 Paid-in Capital in Excess of Stated Value—Common Stock 320,000 (80,000 X $4) Mar. 1 Cash (5,000 X $108) 540,000 Preferred Stock (5,000 X $100) 500,000 Paid-in Capital in Excess of Par Value—Preferred Stock 40,000 (5,000 X $8) April 1 Land 80,000 Common Stock (24,000 X $1) 24,000 Paid-in Capital in Excess of Stated Value—Common Stock 56,000 ($80,000 – $24,000)
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EXERCISE 15-2 continued May 1 Cash (80,000 X $7) 560,000 Common Stock (80,000 X $1) 80,000 Paid-in Capital in Excess of Stated Value—Common Stock 480,000 (80,000 X $6) Aug. 1 Organization Expense 50,000 Common Stock (10,000 X $1) 10,000 Paid-in Capital in Excess of Stated Value—Common Stock 40,000 ($50,000 – $10,000) Sept. 1 Cash (10,000 X $9) 90,000 Common Stock (10,000 X $1) 10,000 Paid-in Capital in Excess of Stated Value—Common Stock 80,000 (10,000 X $8)
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ACT_3392_Chp_15_Homework_Solutions - Intermediate...

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