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Category > Accounting Posted 19 Aug 2017 My Price 11.00

Willow Creek Nursery,

EX 11-7 Issuing stock

Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and 200,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: 

Cash

3,780,000

 

Land

840,000

Buildings

2,380,000

Preferred 1% Stock, $80 par

      

Paid-In Capital in Excess of Par—Preferred Stock

 

 

420,000

Common Stock, $30 par

 

 

3,600,000

Paid-In Capital in Excess of Par—Common Stock

                      

 

   180,000

 

7,000,000

 

7,000,000

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.

Journalize the two entries to record the transactions summarized in the trial balance.

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Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 10:08 PM My Price 11.00

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