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Week 4 homework

# Week 4 homework - EXERCISE 15-1(1520 minutes(a Jan 240,000...

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EXERCISE 15-1 (15–20 minutes) (a) Jan. 10 Cash (80,000 X \$6) ................................. 480,000 ............... Common Stock (80,000 X \$3) 240,000 ........... Paid-in Capital in Excess of Par 240,000 Mar. 1 Organization Expense ........................... 35,000 ................. Common Stock (5,000 X \$3) 15,000 ........... Paid-in Capital in Excess of Par 20,000 July 1 Cash (30,000 X \$8) ................................. 240,000 ............... Common Stock (30,000 X \$3) 90,000 ........... Paid-in Capital in Excess of Par ...................................... (30,000 X \$5) 150,000 Sept. 1 Cash (60,000 X \$10) ............................... 600,000 ............... Common Stock (60,000 X \$3) 180,000 ........... Paid-in Capital in Excess of Par

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...................................... (60,000 X \$7) 420,000 (b) Jan. 10 Cash (80,000 X \$6) ................................. 480,000 ............... Common Stock (80,000 X \$2) 160,000 .................. Paid-in Capital in Excess of ............... Stated Value (80,000 X \$4) 320,000 Mar. 1 Organization Expense ........................... 35,000 ................. Common Stock (5,000 X \$2) 10,000 .................. Paid-in Capital in Excess of ....................................... Stated Value 25,000 ......... (\$35,000 – \$10,000 or 5,000 X \$5) July 1 Cash (30,000 X \$8) ................................. 240,000 ............... Common Stock (30,000 X \$2) 60,000 .................. Paid-in Capital in Excess of ............... Stated Value (30,000 X \$6) 180,000
EXERCISE 15-1 (Continued) Sept. 1 Cash (60,000 X \$10) ............................... 600,000 ............... Common Stock (60,000 X \$2) 120,000 .................. Paid-in Capital in Excess of ............... Stated Value (60,000 X \$8) 480,000 EXERCISE 15-2 (15–20 minutes) Jan. 10 Cash (80,000 X \$5) .......................................... 400,000 Common Stock (80,000 X \$2) ........................ 160,000 Paid-in Capital in Excess of Stated Value—Common Stock (80,000 X \$3) ............................................... 240,000 Mar. 1 Cash (5,000 X \$108) ........................................ 540,000 Preferred Stock (5,000 X \$50) .......................

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Week 4 homework - EXERCISE 15-1(1520 minutes(a Jan 240,000...

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