Brandt Corporation Is Authorized to Issue 100,000 Shares of $5

question 122

Essay

Brandt Corporation is authorized to issue 100,000 shares of $5 stated value common stock and 2,000 shares of $100 par value,8 percent preferred stock.Prepare entries in journal form without explanations to record the following transactions:
$\begin{array}{l}\text { Apr. } 15 \text { Issued 1,000 shares of common stock to an attorney for a bill of } \$ 9,000 \text { in } \\\text { connection with the organization of the corporation. } \\25 \text { Issued } 1,000 \text { shares of preferred stock for cash of } \$ 115 \text { per share. } \\27 \text { Issued } 8,000 \text { shares of common stock in exchange for land for a plant site } \\\text { valued at } \$ 50,000 \text {. } \\\text { May } 1 \text { Issued } 15,000 \text { shares of common stock for } \$ 90,000 \text { in cash. }\end{array}$

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