R.Red formed a corporation with an authorization of 20,000 shares of $50 par,6% non-cumulative preferred stock and 100,000 shares of $10 par common stock.The following selected transactions were completed during the first year of operations.Journalize the transactions omitting explanations.
$\text {Jan 10}$ $\quad $ $\text {Issued 20,000 shares of common stock at par for cash.}$
$\quad $ $\quad $ $\quad $ $\text {31}$$\text { Issued 20,000 shares of common stock in exchange for land, buildings, and}$
$\quad $ $\quad $ $\quad $ $\text {Equipment with fair market prices of $\$ 52,000 , \$ 125,000$, and $\$ 48,000$, respectively.}$
$\text {Feb 24}$ $\quad $$\text {Issued 2,000 shares of preferred stock at $\$ 54$ for cash.}$

Question

R.Red formed a corporation with an authorization of 20,000 shares of $50 par,6% non-cumulative preferred stock and 100,000 shares of $10 par common stock.The following selected transactions were completed during the first year of operations.Journalize the transactions omitting explanations.
$\text {Jan 10}$ $\quad $  $\text {Issued 20,000 shares of common stock at par for cash.}$
 $\quad $  $\quad $  $\quad $ $\text {31}$$\text { Issued 20,000 shares of common stock in exchange for land, buildings, and}$
 $\quad $ $\quad $ $\quad $ $\text {Equipment with fair market prices of $\$ 52,000 , \$ 125,000$, and $\$ 48,000$, respectively.}$
$\text {Feb 24}$  $\quad $$\text {Issued 2,000 shares of preferred stock at $\$ 54$ for cash.}$

Quizplus · Accepted Answer

The Answer of R.Red formed a corporation with an authorization of 20,000 shares of $50 par,6% non-cumulative preferred stock and 100,000 shares of $10 par common stock.The following selected transactions were completed during the first year of operations.Journalize the transactions omitting explanations.
$\text {Jan 10}$ $\quad $  $\text {Issued 20,000 shares of common stock at par for cash.}$
 $\quad $  $\quad $  $\quad $ $\text {31}$$\text { Issued 20,000 shares of common stock in exchange for land, buildings, and}$
 $\quad $ $\quad $ $\quad $ $\text {Equipment with fair market prices of $\$ 52,000 , \$ 125,000$, and $\$ 48,000$, respectively.}$
$\text {Feb 24}$  $\quad $$\text {Issued 2,000 shares of preferred stock at $\$ 54$ for cash.}$

RRed Formed a Corporation with an Authorization of 20,000 Shares Jan 10\text {Jan 10}Jan 10

RRed Formed a Corporation with an Authorization of 20,000 Shares $\text {Jan 10}$