Problem 1: Prepare the necessary journal entry for each of the following transactions for Terpsichorp Corporation. Journalize the transactions
(a) Issued 2,000 shares of its $10 par value common stock for $20 per share.
(b) Issued 5,000 shares of its stock for land advertised for sale at $90,000. Terpsichorp's stock is actively traded at a market price of $16 per share.
Problem 2: Rowlands Corporation has 100,000 shares of $40 par value preferred stock authorized. During the year, it had the following transactions related to its preferred stock. Journalize the transactions
(a) Issued 20,000 shares at $55 per share.
(b) Issued 10,000 shares for equipment having a $700,000 asking price. The stock had a market value of $75 per share.
Problem 3: Bridgeport Corporation began operations on April 1 by issuing 51,500 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 1,650 shares of common stock to attorneys in settlement of their bill of $25,300 for organization costs. In addition, Bridgeport issued 1,200 shares of $1 par value preferred stock for $7 cash per share.
Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded.
Problem 4: Blue Spruce Corporation issued 3,200 shares of stock.
Prepare the entry for the issuance under the following assumptions.
(a) The stock had a par value of $8 per share and was issued for a total of $50,000.
(b) The stock had a stated value of $8 per share and was issued for a total of $50,000.
(c) The stock had no par or stated value and was issued for a total of $50,000.
(d) The stock had a par value of $8 per share and was issued to attorneys for services during incorporation valued at $50,000.
(e) The stock had a par value of $8 per share and was issued for land worth $50,000.
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