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Prepare journal entries to record following transactions of Lind Corporation for its initial year of existence.
(a) Jan. 7 Articles of incorporation are filed with the state. The state authorized the issuance of 10,000 shares of $50 par value preferred stock and 200,000 shares of $10 par value common stock.

(b) Jan. 28 40,000 shares of common stock are issued for $14 per share.

(c) Feb. 3 80,000 shares of common stock are issued in exchange for land and buildings that have an appraised value of $250,000and $1,000,000, respectively. The stock traded at $15 per share on that date on the over-the-counter market.

(d) Feb. 24 2,000 shares of common stock are issued to attorneys in payment for legal services rendered in connection with incorporation. The market value of the stock was $16 per share.

(e) Sep. 12 Received subscriptions for 10,000 shares of preferred stock at $53 per share. A 40 percent down payment accompanied the subscriptions. The balance is due on October 1.

(f) Oct. 1 Received the final payment for 10,000 shares of preferred stock and issued shares.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9976763

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