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Accounting

C-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C-Mobile to issue 60,000 shares of 10%, $150-par preferred stock, and 140,000 shares of no-par common stock. C-Mobile completed the following transactions

Issued 21,000 shares of common stock for equipment with the market vaue of $140,000

Issued 500 shares of preferred stock to require a patent with a market value of $75,000

Issued 10,000 shares of common stock for cash of $60,000

Requirements

R1. Record the transactions in the general journal.

R2. Prepare the stockholders' equity section of the C-Mobile Wireless balance sheet at December 31. The ending balance of Retained Earnings is $90,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9962906

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