Ch 15 Solutions

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

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SOLUTIONS TO EXERCISES 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) . ....... 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) . ............... 250,000 Paid-in Capital in Excess of Par Value—Preferred Stock (5,000 X $58) . ...................................... 290,000 April 1 Land . ............................................................. 80,000 Common Stock (24,000 X $2) . ............... 48,000 Paid-in Capital in Excess of Stated Value—Common Stock ($80,000 – $48,000) . ............................ 32,000 May 1 Cash (80,000 X $7) . ....................................... 560,000 Common Stock (80,000 X $2) . ............... 160,000 Paid-in Capital in Excess of Stated Value—Common Stock (80,000 X $5) . ...................................... 400,000 Aug. 1 Organization Expense . ................................. 50,000 Common Stock (10,000 X $2) . ............... 20,000 Paid-in Capital in Excess of Stated Value—Common Stock ($50,000 – $20,000) . ............................ 30,000
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EXERCISE 15-2 (Continued) Sept. 1 Cash (10,000 X $9) . ....................................... 90,000 Common Stock (10,000 X $2) . ............... 20,000
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Ch 15 Solutions - SOLUTIONS TO EXERCISES EXERCISE 15-1...

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