ACC 423 Week 5 Final Exam 2 Chapter-15 | Assignment Help | University Of Phoenix
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- 11 Jan 2019
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ACC 423 Week 5 Final Exam 2 Chapter-15 | Assignment Help | University Of Phoenix
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Brief Exercise 15-4 |
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Kingbird Corporation issued |
341 |
shares of |
$10 |
par value common stock
and |
145 |
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shares of |
$50 |
par value preferred stock for a lump sum of |
$19,188 |
The common stock has a market price of |
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$20 |
per share, and the preferred stock has a market price of |
$100 |
per share. Prepare the journal entry to record the issuance. |
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Exercise 15-1 |
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During its first year of operations, Metlock Corporation had the
following transactions pertaining to its common stock. |
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Jan. 10 |
Issued |
80,000 |
shares for cash at |
$6 |
per share. |
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Mar. 1 |
Issued |
5,000 |
shares to attorneys in payment of a bill for |
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$35,000 |
for services rendered in helping the company to incorporate. |
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July 1 |
Issued |
30,000 |
shares for cash at |
$8 |
per share. |
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Sept. 1 |
Issued |
60,000 |
shares for cash at |
$10 |
per share. |
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(a) Prepare the journal entries for these transactions, assuming
that the common stock has a par value of |
$
5 |
per share. |
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(b) Prepare the journal entries for these transactions, assuming
that the common stock is no-par with a stated value of |
$
3 |
per share. |
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USA 
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