Journalizing corporate transactions and preparing

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Reference no: EM13389226

Journalizing corporate transactions and preparing the stockholders' equity section of the balance sheet C-Mobile Wireless needed additional capital to expand, so the business incorporated.The charter from the state of Georgia authorizes C-Mobile to issue 60,000 shares of 10%, $150-par preferred stock, and 140,000 shares of no-par common stock.C-Mobile completed the following transactions:

Dec 2 Issued 21,000 shares of common stock for equipment with a market value of $140,000.

Dec 6 Issued 500 shares of preferred stock to acquire a patent with a market value of $75,000.

Dec 9 Issued 10,000 shares of common stock for cash of $60,000

Requirements

1. Record the transactions in the general journal.

2. Prepare the stockholders' equity section of the C-Mobile balance sheet at December 31. The ending balance of Retained earnings is $90,000

Reference no: EM13389226

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