question archive The share transactions of the Seung Hyun Kim Corporation are as follows: Jan
The share transactions of the Seung Hyun Kim Corporation are as follows: Jan
Subject:AccountingPrice: Bought3
The share transactions of the Seung Hyun Kim Corporation are as follows:
Jan. 1 Subscription to 1,000 shares of no-par value is received, together with cheques from various subscribers to cover a 60.0% down payment. The shares were subscribed at a price of $60.00 per share. The remainder of the subscription price is to be paid in two monthly installments.
Feb. 1 The first installments are collected from all the subscribers.
Mar. 1 The second installments are received from all the subscribers except from Lucien Bouchard, who had subscribed for 300 shares.
In reply to correspondence, Mr. Bouchard states that he is unable to complete his installment payments and authorizes the company to dispose of the shares subscribed for by him. The shares subscribed for by Mr. Bouchard are sold for $50.00 (record this transaction as well). Deficiencies between the subscription price and the amounts received are charged against the amount due to the subscriber and the subscriber is then given a refund.
The remaining 700 shares subscribed for are also issued.
