question archive Ayayai Corporation was organized on January 1, 2020
Ayayai Corporation was organized on January 1, 2020
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Ayayai Corporation was organized on January 1, 2020. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 521,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 81,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,400 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 22,500 shares of common stock for land. The asking price of the land was $90,500. The fair value of the land was $89,000. May 1 Issued 80,000 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $7 per share. Nov. 1 Issued 3,000 shares of preferred stock for cash at $110 per share.
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ANSWER:
| Jan 10 | Cash | 489000 | =81500*6 | |
| Common stock | 244500 | =81500*3 | ||
| Paid-in Capital in Excess of Stated Value-Common Stock | 244500 | |||
| Mar 1 | Cash | 462000 | =4400*105 | |
| Preferred stock | 440000 | =4400*100 | ||
| Paid-in Capital in Excess of Par-Preferred Stock | 22000 | |||
| Apr 1 | Land | 89000 | ||
| Common stock | 67500 | =22500*3 | ||
| Paid-in Capital in Excess of Stated Value-Common Stock | 21500 | |||
| May 1 | Cash | 340000 | =80000*4.25 | |
| Common stock | 240000 | =80000*3 | ||
| Paid-in Capital in Excess of Stated Value-Common Stock | 100000 | |||
| Aug 1 | Organization Expense | 39500 | ||
| Common stock | 34500 | =11500*3 | ||
| Paid-in Capital in Excess of Stated Value-Common Stock | 5000 | |||
| Sep 1 | Cash | 80500 | =11500*7 | |
| Common stock | 34500 | =11500*3 | ||
| Paid-in Capital in Excess of Stated Value-Common Stock | 46000 | |||
| Nov 1 | Cash | 330000 | =3000*110 | |
| Preferred stock | 300000 | |||
| Paid-in Capital in Excess of Par-Preferred Stock | 30000 |
