A Corporation Received Its Charter and Began Business This Year

question 176

Essay

A corporation received its charter and began business this year.The company is authorized to issue 500,000 shares of $100 par,6%,noncumulative,nonparticipating preferred stock,and 1,000,000 shares of no-par common stock.The following selected transactions occurred during this year:
$$\begin{array} { | l | l | } \hline \text { Mar. } & \\5 & \text { Issued } 250 \text { shares of preferred stock for } \$ 102 \text { cash per share. } \\\hline & \text { Exchanged } 750 \text { shares of common stock for } \$ 12,000 \text { in legal } \\{ \text { July } 15 } & \text { services incurred in the organization of the company. } \\\hline\end{array}$$
Prepare journal entries to record these transactions.

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