$1.00 Finney Corporation is authorized to issu
Finney Corporation is authorized to issue 1,000,000 shares of $2 par value common stock. During 2011, its first year of operation, the company has the following stock transactions 1. Jan.15: Issued 500,000 shares of stock at $7 per share 2. Jan. 30: Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $5,000. 3. July 2: Issued 100,000 shares of stock for land. The land had a asking price of $900.000. The stock is currently selling on a national exchange at $8 per share. Instructions: Journalize the transactions for Finney Corporation
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- Posted on Mar 31, 2011 at 5:02:34PM
Preview: ... Premium on share 2,500,000 Share Capital 1,000,000 2) Jan30 Legal Service ...
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