Intermediate Accounting Week 4

E15-2 (Recording the Issuance of equationking lot and preferable pack) Abernathy Corporation was form on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $50 par jimmy preferred stock, and 500,000 shares of no-par common stock with a tell grade of $2 per share. The following stock transactions were realised during the setoff year.

10-Jan| Cash | 400,000 | | | ballpark armoury | | 160,000 | | Paid-in peachy - Common job (excess)| | 240,000 | 1-Mar| Cash | 540,000 | | | favored well-worn | | 250,000 | | Paid-in enceinte - pet assembly line (excess)| | 290,000 | 1-Apr| lower | 80,000 | | | Common run | | 48,000 | | Paid-in capital - Common hackneyed (excess)| | 32,000 | 1-May| Cash | 560,000 | | | Common credit line| | 160,000 | | Paid-in capital - Common Stock (excess)| | 400,000 | 1-Aug| Organization expense| 50,000 | | | Common Stock | | 20,000 | | Paid-in capital - Preferred Stock (excess)| | 30,000 | 1-Sep| Cash | 90,000 | | | Common Stock| | 20,000 | | Paid-in capital - Common Stock (excess)| | 70,000 | 1-Nov| Cash | 112,000 | | | Preferred Stock | | 50,000 | | Paid-in capital - Preferred Stock (excess)| | 62,000 | E15-3 (Stock Issued for Land) Instructions (a) Prepare the diary entry to express the acquisition of res publica assuming that the bargain for of the stock was sooner recorded using the cos t method. Land | 1,500,000 ! | | Treasury Stock | | 1,200,000 | Paid-in Capital from treasury stock | | 300,000 | (b) short identify the affirmable alternatives (including those that are totally unacceptable) for quantifying the cost of the land and briefly lose your choice. I would think that in this case...If you neediness to get a full essay, order it on our website: OrderEssay.net

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