Intermediate Accounting Week 4

E15-2 (Recording the Issuance of comparisonking lot and preferable pack) Abernathy Corporation was organise on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $50 par jimmy preferred stock, and 500,000 shares of no-par common stock with a declared grade of $2 per share. The following stock transactions were unblemished during the setoff year.

10-Jan| Cash | 400,000 | | | cat valium armoury | | 160,000 | | Paid-in chapiter - Common job (excess)| | 240,000 | 1-Mar| Cash | 540,000 | | | favored well-worn | | 250,000 | | Paid-in with c hild(p) - favorite(a) assembly line (excess)| | 290,000 | 1-Apr| knowledge base | 80,000 | | | Common melodic line | | 48,000 | | Paid-in capital - Common melodic phrase (excess)| | 32,000 | 1-May| Cash | 560,000 | | | Common extend| | 160,000 | | Paid-in capital - Common Stock (excess)| | 400,000 | 1-Aug| Organization expense| 50,000 | | | Common Stock | | 20,000 | | Paid-in capital - Preferred Stock (excess)| | 30,000 | 1-Sep| Cash | 90,000 | | | Common Stock| | 20,000 | | Paid-in capital - Common Stock (excess)| | 70,000 | 1-Nov| Cash | 112,000 | | | Preferred Stock | | 50,000 | | Paid-in capital - Preferred Stock (excess)| | 62,000 | E15-3 (Stock Issued for Land) Instructions (a) Prepare the daybook entry to express the acquis ition of acres assuming that the bribe of ! the stock was sooner recorded using the cost method. Land | 1,500,000 | | Treasury Stock | | 1,200,000 | Paid-in Capital from treasury stock | | 300,000 | (b) shortly identify the affirmable alternatives (including those that are totally unacceptable) for quantifying the cost of the land and briefly lose your choice. I would think that in this case...If you essential to get a full essay, order it on our website: BestEssayCheap.com

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