Reference no: EM133127433
Question - The Smallman Corporation was organized on January 1, 2006. It is authorized to issue 1,000,000 shares of common stock with a par value of $1 per share and 10,000 shares of $100 par value, 10% non-cumulative preferred stock. The following equity transactions occurred during the first year.
Jan 10 Issued 80,000 shares of common stock for cash at $3 per share
Feb 1 Issued 1,000 shares of preferred stock for a building having a fair market value of $125,000.
Mar 1 Issued 1,000 shares of preferred stock for cash at $125 per share
Apr 1 Issued 24,000 shares of common stock for land. The asking price for
The land was $90,000. The fair market value was $80,000.
May 1 Issued 80,000 shares of common stock for cash at $4 per share
Aug 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services rendered in helping the company organize.
Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share
Dec. 31 Closed-out $1,500,000 in Revenue and $645,000 in operating expenses for 2008. Net income was then closed-out to Retained Earnings.
Required -
1. Journalize all transactions.
2. Prepare the Stockholder's Equity section of the Balance Sheet.
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