R Red Formed a Corporation with an Authorization of 20,000

question 65

Essay

R. Red formed a corporation with an authorization of 20,000 shares of $50 par, 6% non-cumulative preferred stock and 100,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations. Journalize the transactions omitting explanations.
Jan 10 Issued 20,000 shares of common stock at par for cash.
31 Issued 20,000 shares of common stock in exchange for land, buildings, and
equipment with fair market prices of $52,000, $125,000, and $48,000, respectively.
Feb 24 Issued 2,000 shares of preferred stock at $54 for cash.

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Definitions:

Effectiveness

The degree to which something is successful in producing a desired result.

Haptics

The science and technology of transmitting and understanding information through touch, including tactile feedback devices.

Design

The process of creating and planning the specifications, appearance, and functionality of a product, structure, or system.

Layout Consistency

The practice of maintaining a uniform appearance, style, and structure across multiple pages or sections of a document or website.