Halpern Corporation Is Authorized to Issue 1,000,000 Shares of $3

question 12

Essay

Halpern Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2018, its first year of operation, the company has the following stock transactions.
Jan. 1 Paid the state $5,000 for incorporation fees.
Jan. 15 Issued 500,000 shares of stock at $6 per share.
Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $7,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share.
Sept. 5 Purchased 15,000 shares of common stock for the treasury at $8 per share.
Dec. 6 Sold 11,000 shares of the treasury stock at $11 per share.
Instructions
Journalize the transactions for Halpern Corporation.

---

Definitions:

Briefing A Case

The process of summarizing a legal case, highlighting the relevant facts, issues, and conclusions for easier understanding and analysis.

Case Opinion

A written statement issued by judges explaining their decision in a legal case, often outlining the legal reasoning.

Case Brief

A summarized, concise report of a legal case, outlining the main facts, issues, rulings, and reasoning behind the court’s decision.

Elements

The issues and facts that the plaintiff must prove to succeed in a tort claim.