Chapter13 - Chapter 13 Exercise 13-2 1. Feb. 20

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Unformatted text preview: Chapter 13 Exercise 13-2 1. Feb. 20 Cash....................................................................................... 144,000 Common Stock, No-Par Value........................................ 144,000 Issued common stock for cash. 2. Feb. 20 Cash....................................................................................... 144,000 Common Stock, $20 Par Value....................................... 120,000 Contributed Capital in Excess of Par Value, Common Stock................................................. 24,000 Issued common stock for cash. 3. Feb. 20 Cash....................................................................................... 144,000 Common Stock, $8 Stated Value.................................... 48,000 Contributed Capital in Excess of Stated Value, Common Stock...................................... 96,000 Issued common stock for cash. Exercise 13-3 1. Organization Expenses...................................................................... 30,000 Common Stock, No-Par Value.................................................... 30,000 Issued stock to promoters. 2. Organization Expenses...................................................................... 30,000 Common Stock, $1 Stated Value................................................ 2,000 Contributed Capital in Excess of Stated Value, Common Stock............................................................. 28,000 Issued stock to promoters. 3. Cash 70,000 Common Stock, $10 Par Value................................................... 40,000 Contributed Capital in Excess of Par Value, Common Stock............................................................. 30,000 Issued common stock for cash. 4. Cash 120,000 Preferred Stock, $100 Par Value................................................. 100,000 Contributed Capital in Excess of Par Value, Preferred Stock............................................................. 20,000 Issued preferred stock for cash. Exercise 13-5 Preferred Common 2003 ($10,000 paid) Preferred*................................................................. $10,000 Common remainder............................................... ______ $ Total for the year...................................................... $10,000 $ 2004 ($24,000 paid) Preferred*................................................................. $24,000 Common remainder............................................... ______ $ Total for the year...................................................... $24,000 $ 2005 ($100,000 paid) Preferred*................................................................. $30,000 Common remainder..................................................
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Chapter13 - Chapter 13 Exercise 13-2 1. Feb. 20

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