Ranier Company Is Authorized to Issue 10,000 Shares of 8

question 290

Short Answer

Ranier Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Ranier issues 5,000 shares of preferred stock for land with an asking price of $575,000 and a market value of $550,000, which of the following would be the journal entry for Ranier to record?

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Definitions:

Abolitionist

Refers to a person who advocates for the abolition of slavery, actively working towards ending the practice.

Edward Gorsuch

A Maryland slave owner known for his death during the Christiana Riot of 1851, an event that intensified the pre-Civil War conflict between slave states and free states.

Christiana Riot

An armed resistance that occurred in 1851 in Pennsylvania, where African American slaves and free blacks fought against a federal attempt to capture fugitives under the Fugitive Slave Act, symbolizing resistance against slavery.

Fugitive Slaves

Individuals who escaped from slavery to seek freedom from their enslavers, particularly in the United States before the abolition of slavery.