EXERCISE 15-1 - 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

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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 (60,000 X $7). ................................ 420,000 (b) Jan. 10 Cash (80,000 X $6). ................................ 480,000 Common Stock (80,000 X $2).
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Unformatted text preview: ........ 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...
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This note was uploaded on 04/22/2010 for the course ACCT ACC552 taught by Professor Hint during the Spring '09 term at Keller Graduate School of Management.

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EXERCISE 15-1 - 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

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