ch15 - SOLUTIONS TO B EXERCISES E15-1B(1520 minutes(a Apr...

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SOLUTIONS TO B EXERCISES E15-1B (15–20 minutes) (a) Apr. 26 Cash (15,000 X $4.50). ........................... 67,500 Common Stock (15,000 X $1). ........ 15,000 Paid-in Capital in Excess of Par. .... 52,500 May 11 Organization Expense. .......................... 48,000 Common Stock (10,000 X $1). ........ 10,000 Paid-in Capital in Excess of Par. .... 38,000 Aug. 1 Cash (20,000 X $5). ................................ 100,000 Common Stock (20,000 X $1). ........ 20,000 Paid-in Capital in Excess of Par. .... 80,000 Nov. 1 Cash (10,000 X $7). ................................ 70,000 Common Stock (10,000 X $1). ........ 10,000 Paid-in Capital in Excess of Par. .... 60,000 (b) Apr. 26 Cash (15,000 X $4.50). ........................... 67,500 Common Stock (15,000 X $3). ........ 45,000 Paid-in Capital in Excess of Stated Value. ................................ 22,500 May 11 Organization Expense. .......................... 48,000 Common Stock (10,000 X $3). ........ 30,000 Paid-in Capital in Excess of Stated Value. ................................ 18,000 Aug. 1 Cash (20,000 X $5). ................................ 100,000 Common Stock (20,000 X $3). ........ 60,000 Paid-in Capital in Excess of Stated Value. ................................ 40,000 Nov. 1 Cash (10,000 X $7). ................................ 70,000 Common Stock (10,000 X $3). ........ 30,000 Paid-in Capital in Excess of Stated Value. ................................ 40,000 15-1
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E15-2B (15–20 minutes) June 15 Cash (165,000 X $5). ...................................... 825,000 Common Stock (165,000 X $1). .............. 165,000 Paid-in Capital in Excess of Stated Value—Common Stock. ...................... 660,000 June 30 Cash (25,000 X $102). .................................... 2,550,000 Preferred Stock (25,000 X $100). ............ 2,500,000 Paid-in Capital in Excess of Par Value—Preferred Stock. ...................... 50,000 Aug. 15 Building. .......................................................... 140,000 Common Stock (20,000 X $1). ................ 20,000 Paid-in Capital in Excess of Stated Value—Common Stock. ...................... 120,000 ($140,000 – $20,000) Sept. 1 Cash (200,000 X $7). ...................................... 1,400,000 Common Stock (200,000 X $1). .............. 200,000 Paid-in Capital in Excess of Stated Value—Common Stock. ...................... 1,200,000 (200,000 X $6) Oct. 1 Organization Expense. .................................. 40,000 Common Stock (5,000 X $1). .................. 5,000 Paid-in Capital in Excess of Stated Value—Common Stock. ...................... 35,000 ($40,000 – $5,000) Oct. 15 Cash (25,000 X $8.50). ................................... 212,500 Common Stock (25,000 X $1). ................ 25,000 Paid-in Capital in Excess of Stated Value—Common Stock. ...................... 187,500 (25,000 X $7.50) Nov. 1 Cash (6,000 X $104). ...................................... 624,000 Preferred Stock (6,000 X $100). .............. 600,000 Paid-in Capital in Excess of Par Value—Preferred Stock. ...................... 24,000 (6,000 X $4) 15-2
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This note was uploaded on 05/10/2010 for the course ACC 440 BSB1658 taught by Professor Warwick during the Spring '09 term at University of Phoenix.

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ch15 - SOLUTIONS TO B EXERCISES E15-1B(1520 minutes(a Apr...

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