edugen.wileyplus.com dules - ACCT 210 HYB A Fall 2017 WileyPLUS a edugen.wileypl

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edugen.wileyplus.com dules - ACCT 210 HYB A Fall 2017 WileyPLUS a edugen.wileyplus.com Print by: Ram Len ACCT 210 HYB A Fall 2017: Introduction to Financial Accounting / Module 12 Brief Exercises, Questions Problem 11-1A Novak Corp. was organized on January 1, 2019 . It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 464,000 shares of no-par common stock with a stated vatue of $3 per share. The following stock transactions were completed during the first year Jan. 10 Issued 81,500 shares of common stock for cash at $6 per share Mar. 1 Issued 4,300 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 22,500 shares of common stock for land. The asking price of the land was $87.000. The fair value of the land was $83,500. May 1 Issued 85,000 shares of common stock for cash at $4 25 per share Aug. 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of S40, 500 for services performed helping the company organize. 1 Issued 12,000 shares of common stock for cash at s6 per share . Sept. Nov. 1 Issued 2,500 shares of preferred stock for cash at s114 per share Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account tittes a automatically indented when amount is entered. Do not indent manually. If no entry is required, select" ntrr" fer the account titles and enter 0 for the amounts) se Your answer is partially correct. Try again. No

Explanation / Answer

Novak Corporation Date/S. N. Accounts Title & Explanation Debit Credit Amount in $ Amount in $ Jan-10 Cash 489000 Common stock 244500 Preferred stock paid in capital in excess of stated value Common stock 244500 Cash 430000 Cash 250000 Ending Balance 680000 Mar-01 Cash 473000 Preferred stock 430000 680000 680000 paid in capital in excess of par preferred stock 43000 paid in capital in excess of par preferred stock Cash 43000 Apr-01 Land 83500 Cash 35000 Common stock 67500 Ending Balance 78000 paid in capital in excess of stated value Common stock 16000 78000 78000 May-01 Cash 361250 Common stock Common stock 255000 cash 244500 paid in capital in excess of stated value Common stock 106250 land 67500 cash 255000 organization expense 36000 Aug-01 Organization expense 40500 cash 36000 Common stock 36000 Ending balance 639000 paid in capital in excess of stated value Common stock 4500 639000 639000 Sep-01 Cash 72000 paid in capital in excess of stated value Common stock Common stock 36000 paid in capital in excess of stated value Common stock 36000 cash 24450 land 16000 cash 106250 Nov-01 Cash 285000 organization expense 4500 Preferred stock 250000 cash 36000 paid in capital in excess of par preferred stock 35000 Ending balance 162750 162750 162750 Stock Holder's equity Capital stock Common stock 639000 Preferred stock 680000 Total capital stock 1319000 Additional paid in capital paid in capital in excess of stated value Common stock 162750 paid in capital in excess of par preferred stock 78000 Total Paid in capital 240750 Total stockholder's equity 1559750 Though you have not provided me with options, I feel that above terminology for Heading in shareholder's equity should work

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