Reference no: EM132560660

The LeeGon Company is authorized to issue 600,000 shares of ?10 par value common stock. LeeGon's accounting year ends on December 31. The following transactions occurred in 2020, the company's first year of operations:

a. Issued 20,000 shares at ?30 per share; received cash.

b. Issued 2,500 shares to attorneys for services in securing the corporate charter and for preliminary legal costs of organizing the corporation. The value of the services was ?90,000.

c. Issued 300 shares, valued objectively at ?10,000, to the employees instead of paying cash wages.

d. Issued 125,000 shares of stock in exchange for a building valued at ?2,950,000 and land valued at ?800,000. The building was originally acquired by the investor for ?2,500,000 and has ?1,000,000 of accumulated depreciation; the land was originally acquired for ?300,000.

Question 1: What is the common stock balance on December 31, 2020? ________________

Question 2: The amount of paid-in capital in excess of par to be reported on LeeGon's balance sheet at December 31, 2020, is

Question 3: The amount of organization expense to be charged against LeeGon's income for 2020 is