Class13 - Solutions

Class13 - Solutions - EXERCISE 15-1 (a) Jan. 10 Cash...

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(a) Jan. 10 Cash (80,000 x $6). ........................ 480,000 Common Stock (80,000 x $5). . 400,000 Paid-in Capital in Excess of Par 80,000 Mar. 1 Organization Expense. .................. 35,000 Common Stock (5,000 x $5). ... 25,000 Paid-in Capital in Excess of Par 10,000 July 1 Cash (30,000 x $8). ........................ 240,000 Common Stock (30,000 x $5). . 150,000 Paid-in Capital in Excess of Par 90,000 (30,000 x $3) Sept. 1 Cash (60,000 x $10). ...................... 600,000 Common Stock (60,000 x $5). . 300,000 Paid-in Capital in Excess of Par 300,000 (60,000 x $5) (b) Jan. 10 Cash (80,000 x $6). ........................ 480,000 Common Stock (80,000 x $3). . 240,000 Paid-in Capital in Excess of Stated Value (80,000 x $3). .. 240,000 Mar. 1 Organization Expense. .................. 35,000 Common Stock (5,000 x $3). ... 15,000 Paid-in Capital in Excess of Stated Value. ......................... 20,000 ($35,000 – $15,000 or 5,000 x $4) July 1 Cash (30,000 x $8). ........................ 240,000
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Class13 - Solutions - EXERCISE 15-1 (a) Jan. 10 Cash...

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