chapter 14 key

chapter 14 key - Chapter 14 Exercise 14-3(15 minutes 1...

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Chapter 14 Exercise 14-3 (15 minutes) 1. Organization Expenses. ................................................ 40,000 Common Stock, No-Par Value. ............................... 40,000 Issued stock to promoters. 2. Organization Expenses. ................................................ 40,000 Common Stock, $1 Stated Value. ........................... 2,000 Paid-In Capital in Excess of Stated Value, Common Stock. .................................................... 38,000 Issued stock to promoters. 3. Cash 35,000 Common Stock, $5 Par Value*. ............................... 20,000 Paid-In Capital in Excess of Par Value, Common Stock**. .................................................. 15,000 Issued common stock for cash. *4,000 shares x $5 per share = $20,000 **$35,000 - $20,000 = $15,000 4. Cash 60,000 Preferred Stock, $50 Par Value*. ............................ 50,000 Paid-In Capital in Excess of Par Value, Preferred Stock**. ................................................. 10,000 Issued preferred stock for cash. *1,000 shares x $50 per share = $50,000 **$60,000 - $50,000 = $10,000 Exercise 14-4 (15 minutes) Land. ................................................................................ 45,000 Building. .......................................................................... 85,000
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This note was uploaded on 07/11/2011 for the course ECON 101 taught by Professor D during the Fall '11 term at Troy Dothan.

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chapter 14 key - Chapter 14 Exercise 14-3(15 minutes 1...

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