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ch15HWSolutions - CHAPTER 15 Stockholders Equity EXERCISE...

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CHAPTER 15 Stockholders’ Equity EXERCISE 15-1 (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 (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
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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 15-3 (a) Land ($60 X 25,000) .................................................. 1,500,000 Treasury Stock ($48 X 25,000) ......................... 1,200,000 Paid-in Capital from Treasury Stock ............... 300,000 (b) One might use the cost of treasury stock. However, this is not a relevant measure of this economic event. Rather, it is a measure of a
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