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Journalize transactions completed during Kane Corporation

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Reference no: EM132955250

Question - Kane Corporation is authorized to issue 25,000 shares of 5%, $30 par value preferred stock, and 300,000 shares of no-par common stock with a stated value of $3 per share.

Instructions - Journalize the following transactions, which were completed during Kane Corporation's first year.

Jan. 5 Issued 12,000 shares of preferred stock for cash at $75 per share.

Feb. 23 Issued 50,000 shares of common stock for cash at $5 per share.

May 2 Kane Corporation purchased 4,000 shares of its own previously issued common stock for cash at $6 per share.

June 10 Issued 72,000 shares of common stock for cash at $6 per share.

Sept. 15 Issued 14,000 shares of common stock for land. The asking price of the land was $70,000. The company's estimate of fair value of the land was $60,000. (Kane Corporation is a closely held corporation whose stock is not publicly traded.)

Nov. 12 Issued 6,000 shares of preferred stock for cash at $80 per share.

Dec. 18 Kane Corporation sold its 4,000 shares of treasury stock for cash at $7 per share.

Reference no: EM132955250

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