EXERCISE 15-2 - ValueCommon Stock (80,000 X $5).

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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). ................ 250,000 Paid-in Capital in Excess of Par Value—Preferred Stock (5,000 X $58). ........................................ 290,000 April 1 Land. ................................................................ 80,000 Common Stock (24,000 X $2). ................ 48,000 Paid-in Capital in Excess of Stated Value—Common Stock ($80,000 – $48,000). ............................. 32,000 May 1 Cash (80,000 X $7). ........................................ 560,000 Common Stock (80,000 X $2). ................ 160,000 Paid-in Capital in Excess of Stated
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Unformatted text preview: ValueCommon Stock (80,000 X $5). ........................................ 400,000 Aug. 1 Organization Expense. .................................. 50,000 Common Stock (10,000 X $2). ................ 20,000 Paid-in Capital in Excess of Stated ValueCommon Stock ($50,000 $20,000). ............................. 30,000 EXERCISE 15-2 (Continued) Sept. 1 Cash (10,000 X $9). ........................................ 90,000 Common Stock (10,000 X $2). ................ 20,000 Paid-in Capital in Excess of Stated ValueCommon Stock (10,000 X $7). ........................................ 70,000 Nov. 1 Cash (1,000 X $112). ...................................... 112,000 Preferred Stock (1,000 X $50). ................ 50,000 Paid-in Capital in Excess of Par ValuePreferred Stock (1,000 X $62). ........................................ 62,000...
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EXERCISE 15-2 - ValueCommon Stock (80,000 X $5).

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