Wonder Sales Is Authorized to Issue 100,000 Shares of 2

question 66

Essay

Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000 shares of $10 par common stock. Journalize the following transactions.
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(a) On January 2, Wonder Sales issues 5,000 shares of preferred stock for $110 per share and 65,000 shares of common stock at $10 per share.
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(b) On January 25, Wonder Sales issued 250 shares of preferred stock to a Morton Law Firm for settlement of a $36,000 invoice for incorporation services.
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(c) On January 31, Wonder Sales issues 500 shares of common stock to Setup Inc. for fixtures that have a fair market value of $8,500.

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Definitions:

Rate of Inflation

The percent change in the price level of goods and services in an economy over a period of time, usually measured annually.

Interest

Interest is the charge for borrowing money typically expressed as an annual percentage rate, or the income earned from lending money.

Consumption

Families or individuals partaking in the use of goods and services.

Interest Rate

The percentage of a sum of money charged for its use, often expressed on an annual basis.