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Week_4_homework - EXERCISE 15-1(1520 minutes(a Jan 10...

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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
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...................................... (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 15-2 (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) .......................
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