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Given Below Are Several Transactions for Vision Inc

Question 142

Essay

Given below are several transactions for Vision Inc.In the space provided,indicate the impact on each of the stockholders' equity accounts given,by placing the dollar amount and either a plus sign (+)or a minus sign (-)in the box provided.For each account in which there is no effect,place an X in the box.
 Transaction  Common  Stock  Additional  Paid-In  Stock  Retained  Earnings  1.  Vision Inc. received authorization to issue 1,000 shares of $2 par value common stock.  2.  Vision Inc. issued 500 shares of common  stock for cash at $15 per share.  3.  Vision Inc. issued 200 shares in exchange  for a truck worth $3,000. 4.  Vision Inc. issued 100 shares of stock in  exchange for a patent. The patent had an  undeterminable market value. The stock was  selling for $14 per share. \begin{array} { | l| l | l | l | l | } \hline \begin{array} { l } \text { Transaction } \end{array} & \begin{array} { l } \text { Common } \\ \text { Stock }\end{array} & \begin{array} { l } \text { Additional } \\\text { Paid-In } \\\text { Stock }\end{array} & \begin{array} { l } \text { Retained } \\\text { Earnings }\end{array} \\\hline \text { 1. } \quad \begin{array} { l } \text { Vision Inc. received authorization to issue } \\1,000 \text { shares of } \$ 2 \text { par value common stock. }\end{array} & & & \\\hline \text { 2. } \quad \begin{array} { l } \text { Vision Inc. issued } 500 \text { shares of common } \\\text { stock for cash at } \$ 15 \text { per share. }\end{array} & & & \\\hline \text { 3. } \quad \begin{array} { l } \text { Vision Inc. issued } 200 \text { shares in exchange } \\\text { for a truck worth } \$ 3,000 .\end{array} & & & \\\hline \text { 4. } \begin{array} { l } \text { Vision Inc. issued } 100 \text { shares of stock in } \\\text { exchange for a patent. The patent had an } \\\text { undeterminable market value. The stock was } \\\text { selling for } \$ 14 \text { per share. }\end{array} & & & \\\hline\end{array}

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