Reference no: EM132562944
Question - Kennedy Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2020, the company has the following stock transactions.
Instructions: Journalize the transactions IN GOOD FORM for Kennedy Corporation.
A. Jan. 1 Attorneys for the company accepted 1,500 shares of common stock as payment for services rendered in helping the company incorporate. The invoice from the attorneys indicated $9,000 was due.
B. Jan. 30 Issued 200,000 shares of stock at $6 per share.
C. July 2 Purchased 18,000 shares of treasury stock at $11 per share.
D. Sept. 5 Issued 200,000 shares of stock for land. The land had an asking price of $1,000,000. The stock is currently selling on a national exchange at $6.50 per share.
E. Dec. 6 Sold 12,000 shares of the treasury stock at $12.50 per share.
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