Exercise 15-2 Concord Corporation was organized on January 1, 2017. It is author

Question

Exercise 15-2 Concord Corporation was organized on January 1, 2017. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 535,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year Jan. 10 Issued 80,370 shares of common stock for cash at $6 per share. Mar. 1 Issued S,570 shares of preferred stock for cash at $110 per share. Apr. Issued 24,250 shares of common stock for land. The asking price of the land was $91,730; the fair value of the land was $80,370o. May 1 Issued 80,370 shares of common stock for cash at $8 per share. Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $54,600 for services rendered in helping the company organize. Sept. Issued 11,000 shares of common stock for cash at $10 per share. Nov. 1 Issued 1,100 shares of preferred stock for cash at $115 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Date Account Titles and Explanation Debit Credit

Explanation / Answer

Journal entries: Date Accounts title and expalanations Debit $ Credit $ 10-Jan Cash account Dr. 482220     Common Stock capital (80370*1) 80370     Additional paid in cpaital-Common 401850 1-Mar Cash account Dr. 612700     Preferred Stock capital 557000      Additional paid in capital-Preferred 55700 1-Apr Land account Ddr. 80370    Common Stock capital (24250*1) 24250    Additional paid in capital-Common 56120 1-May Cash account Dr. 642960     Common Stock capital (80370*1) 80370     Additional paid in cpaital-Common 562590 1-Aug Management Expense Account Dr. 54600    Common Stock capital (11000*1) 11000    Additional paid in caital-Common 43600 1-Sep Cash account Dr. 110000     Common Stock capital (11000*1) 11000     Additional paid in cpaital-Common 99000 1-Nov Cash account Dr. 126500     Preferred Stock capital 11000      Additional paid in capital-Preferred 115500

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