Solutions Ch 15

Solutions Ch 15 - SOLUTIONS TO EXERCISES EXERCISE 15-1...

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Unformatted text preview: SOLUTIONS TO EXERCISES EXERCISE 15-1 (15-20 minutes) (a) Jan. 10 Cash (80,000 X $6)................................. 480,000 Common Stock (80,000 X $5)......... 400,000 Paid-in Capital in Excess of Par..... 80,000 Mar. 1 Organization Expense........................... 35,000 Common Stock (5,000 X $5)........... 25,000 Paid-in Capital in Excess of Par..... 10,000 (Note : In the past, these costs would have been charged to Organization Costs) July 1 Cash (30,000 X $8)................................. 240,000 Common Stock (30,000 X $5)......... 150,000 Paid-in Capital in Excess of Par .... 90,000 Sept. 1 Cash (60,000 X $10)............................... 600,000 Common Stock (60,000 X $5)......... 300,000 Paid-in Capital in Excess of Par (60,000 X $5) 300,000 (b) Jan. 10 Cash (80,000 X $6)................................. 480,000 Common Stock (80,000 X $3)......... 240,000 Paid-in Capital in Excess of Stated Value 240,000 Mar. 1 Organization Expense........................... 35,000 Common Stock (5,000 X $3)........... 15,000 Paid-in Capital in Excess of Stated Value 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 Stated Value 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 Stated Value 420,000 EXERCISE 15-2 (15-20 minutes) Jan. 10 Cash (80,000 X $5)......................................... 400,000 Common Stock (80,000 X $1)................. 80,000 Paid-in Capital Excess of SV Common 320,000 Mar. 1 Cash (5,000 X $108)....................................... 540,000 Preferred Stock (5,000 X $100)............... 500,000 Paid-in Capital in Excess of PV - Preferred 40,000 April 1 Land................................................................. 80,000 Common Stock (24,000 X $1)................. 24,000 Paid-in Capital in Excess of SV - Common 56,000 May 1 Cash (80,000 X $7)......................................... 560,000 Common Stock (80,000 X $1)................. 80,000 Paid-in Capital in Excess of SV - Common 480,000 Aug. 1 Organization Expense*.................................. 50,000 Common Stock (10,000 X $1)................. 10,000 Paid-in Capital in Excess of SV - Common 40,000 *(In the past, these costs would have been charged to Organization Costs) Sept. 1 Cash (10,000 X $9)......................................... 90,000 Common Stock (10,000 X $1)................. 10,000 Paid-in Capital in Excess of SV - Common 80,000 Nov. 1 Cash (1,000 X $112)....................................... 112,000 Preferred Stock (1,000 X $100)............... 100,000 Paid-in Capital in Excess of PV - Preferred 12,000 EXERCISE 15-3 (10-15 minutes) (a) Land ($62 X 25,000)............................................ 1,550,000 Treasury Stock ($53 X 25,000).....................
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Solutions Ch 15 - SOLUTIONS TO EXERCISES EXERCISE 15-1...

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