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Category > Accounting Posted 21 Aug 2017 My Price 7.00

Sapp Company

E16-14 Various Journal Entries Sapp Company is authorized to issue 20,000 shares of no-par, $5 stated-value common stock and 5,000 shares of 9%, $100 par preferred stock. It enters into the following  transactions:

1.      Accepts a subscription contract to 7,000 shares of common stock at $42 per share and receives a 30% down payment.

2.      Collects the remaining balance of the subscription contract and issues the common stock.

3.      Acquires a building by paying $23,000 cash and issuing 2,000 shares of common stock and 600 shares of preferred stock. Common stock is currently selling at $46 per share; preferred stock has no current market value. The building is appraised at $180,000.

4.      Sells 1,000 shares of common stock at $45 per share.

5.      Sells 900 shares of preferred stock at $112 per share.

6.      Declares a two-for-one stock split on the common stock, reducing the stated value to $2.50 per share.

Required

Prepare journal entries to record the preceding transactions.

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Maurice Tutor
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Status NEW Posted 21 Aug 2017 03:08 PM My Price 7.00

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