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0-5A STOCKHOLDERS’ EQUITY SECTION After closing its books on December 31, Pro Parts’ stockholders’ equity accounts had the following balances: Common stock subscriptions receivable $ 5,000 Common stock, $5 par, 12,000 shares 60,000 Preferred stock, $10 par, 4%, 4,000 shares 40,000 Common stock subscribed, $5 par, 3,000 shares 15,000 Paid-in capital in excess of par-common stock 4,000 Retained earnings 35,000 Prepare the stockholders’ equity section of the balance sheet. 20-7A STATED VALUE, COMMON AND PREFERRED STOCK, AND NONCASH ASSETS Kris Kraft Stores had the following stock transactions during the year: (a) Issued 4,000 shares of no-par common stock with a stated value of $10 per share for $40,000 cash. (b) Issued 6,000 shares of no-par common stock with a stated value of $8 per share for $50,000 cash. (c) Issued 5,000 shares of no-par, 6% preferred stock with a stated value of $15 per share for $75,000 cash. (d) Issued 3,000 shares of no-par, 6% preferred stock with a stated value of $20 per share for $58,000 cash. (e) Issued 10,000 shares of $5 par common stock for land with a fair market value of $50,000. (f) Issued 10,000 shares of $8 par common stock with a $9 fair market value for a building with an uncertain fair market value. (g) Issued 8,000 shares of $50 par, 8% preferred stock for land with a fair market value of $405,000. REQUIRED Prepare general journal entries to record the transactions, identifying each transaction by letter.

0-5A STOCKHOLDERS’ EQUITY SECTION After closing its books on December 31, Pro

Parts’ stockholders’ equity accounts had the following balances:

Common stock subscriptions receivable $ 5,000

Common stock, $5 par, 12,000 shares 60,000

Preferred stock, $10 par, 4%, 4,000 shares 40,000

Common stock subscribed, $5 par, 3,000 shares 15,000

Paid-in capital in excess of par-common stock 4,000

Retained earnings 35,000

Prepare the stockholders’ equity section of the balance sheet.

20-7A STATED VALUE, COMMON AND PREFERRED STOCK, AND NONCASH

ASSETS Kris Kraft Stores had the following stock transactions during the year:

(a) Issued 4,000 shares of no-par common stock with a stated value of $10 per share

for $40,000 cash.

(b) Issued 6,000 shares of no-par common stock with a stated value of $8 per share

for $50,000 cash.

(c) Issued 5,000 shares of no-par, 6% preferred stock with a stated value of $15 per

share for $75,000 cash.

(d) Issued 3,000 shares of no-par, 6% preferred stock with a stated value of $20 per

share for $58,000 cash.

(e) Issued 10,000 shares of $5 par common stock for land with a fair market value

of $50,000.

(f) Issued 10,000 shares of $8 par common stock with a $9 fair market value for a

building with an uncertain fair market value.

(g) Issued 8,000 shares of $50 par, 8% preferred stock for land with a fair market

value of $405,000.

REQUIRED

Prepare general journal entries to record the transactions, identifying each transaction

by letter.

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