QuestionOn 2008 December 27, Glade Company was authorized to issue 250,000 shares of $24 par value common stock.
It then completed the following transactions:
2009
Jan. 14 - Issued 45,000 shares of common stock at $30 per share for cash.
Jan. 29 - Gave the promoters of the corporation 25,000 shares of common stock for their services in organizing the company. The board of directors valued these services at $744,000.
Feb. 19 - Exchanged 50,000 shares of common stock for the following assets at the indicated fair market values: Land $216,000, Building 528,000, Machinery 720,000
Prepare general journal entries to record the transactions.
Prepare the balance sheet of the company as of 2009 March.