Reference no: EM132380263

Question :

Oriole Corporation's charter authorized issuance of 105,000 shares of $10 par value common stock and 49,500 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each

transaction is independent of the others.

1. Issued a $9,200, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $102 a share.

2. Issued 460 shares of common stock for equipment. The equipment had been appraised at $7,000; the seller's book value was $6,400. The most recent market price of the common stock is $15 a share.

3. Issued 343 shares of common and 107 shares of preferred for a lump sum amounting to $11,000. The common had been selling at $13 and the preferred at $69.

4. Issued 190 shares of common and 50 shares of preferred for equipment. The common had a fair value of $15 per share; the equipment has a fair value of $6,100.

Record the transactions listed above in journal entry form.