Burke corporation was organized on january 1 2014 it is

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Burke Corporation was organized on January 1, 2014. It is authorized to issue 10,100 shares of 8%, $104 par value preferred stock, and 485,200 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 95,800 shares of common stock for cash at $5 per share. Mar. 1 Issued 6,000 shares of preferred stock for cash at $109 per share. Apr. 1 Issued 18,900 shares of common stock for land. The asking price of the land was $101,000. The fair value of the land was $88,600. May 1 Issued 76,700 shares of common stock for cash at $6.53 per share. Aug. 1 Issued 10,500 shares of common stock to attorneys in payment of their bill of $41,900 for services provided in helping the company organize. Sept. 1 Issued 10,400 shares of common stock for cash at $7 per share. Nov. 1 Issued 1,090 shares of preferred stock for cash at $111 per share.

Reference no: EM13606741

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