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Record the transactions for hamilton corporation

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Question 1: Hamilton Corporation was authorized to issue 20,000 shares of $100 par value, 5% preferred stock and 50,000 share of $1 par common stock. Record the following transactions:

  1. Issued 5,000 shares of common stock for $40 per share
  2. Issued 500 shares of common stock at $19 per share for services rendered in connection with the organization of the company
  3. Issued 5,000 shares of common stock for a building on which the asking price was $325,000. Market value of the stock was $50. Management wishes to record the land at the market price of the stock.
  4. Issued 1,000 shares of Preferred stock at $125 per share
  5. Issued 6,000 shares of common stock for $40 per share
  6. Issued 8,000 shares of preferred stock for $130 per share

Reference no: EM132648646

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