Reference no: EM132888108
Question - Smith Inc, was organized in the current year with the following capital stock:
Preferred Stock: 100,000 shares authorized, 5% dividend rate, $10.00 par value.
Common Stock: 500,000 shares authorized, $2.00 par value.
During the year, the company completed the following transactions:
July 5 - Issued 500 shares of common stock to the promoters for their work in organizing the corporation. The promoter fee was $10,000.
July 7- Received subscriptions for 5,000 shares of common stock at the subscription price of $35.00 per share.
July 8- Received a 50 percent payment on the stock subscription.
August 1 - Issued 300 shares of Preferred stock at $45.00 per share.
August 5 - Issued 800 shares of common stock in exchange for land valued at $32,000.
August 15 - Received a 40 percent payment on the stock subscription.
August 31 - Collected the remaining balance of the stock subscription and issued the stock.
Required - Record the transactions in General Journal.
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