Reference no: EM132639725
Question 1: Prepare journal entries to record the following transactions for Kenley in for the third quarter of 2019.
Kenley Inc. was organized and authorized to issue 5,000 shares of $50 par value, 7% percent preferred stock and 100,000 shares of $5 par value common stock on July 1, 2019.
July 1 Issued 10,000 shares of common stock at $11 per share
July 1 Issued 200 shares of common stock at $12 per share for services rendered in connection with the organization of the company
July2 Issued 1,000 shares of preferred stock at par value for cash
July 10 Issued 5,000 shares of common stock for land on which the asking price was $95,000. Market value of the stock was $15. Management wishes to record the land at full market value of the stock.
Aug 10 Declared a cash dividend of $0.02 per share on common stock outstanding, payable on Aug 22 to stockholders of record on Aug 12.
Aug 12 Date of record for cash dividends
Aug 22 Paid cash dividends
Sept 15 Issued another 1,000 shares of preferred stock but at $60 per share.
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