A Corporation Received Its Charter and Began Business This Year

question 68

Essay

A corporation received its charter and began business this year.The company is authorized to issue 50,000 shares of $100 par,10%,noncumulative,nonparticipating preferred stock and 500,000 shares of no-par common stock.The following selected transactions occurred during this year:
$$\begin{array} { | l | l | } \hline \text { Apr. } 5 & \text { Issued 250 shares of preferred stock for } \$ 104 \text { cash per share } \\\hline \text { June } 15 & \begin{array} { l } \text { Exchanged } 750 \text { shares of commom stock for } \$ 15,000 \text { in legal services incurred in } \\\text { the orgarization of the companty. }\end{array} \\\hline\end{array}$$
Prepare journal entries to record these transactions.

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Definitions:

Risky Health Behaviors

Actions that individuals engage in that can increase their chances of disease or harm, such as smoking, excessive alcohol consumption, and unsafe sexual practices.

Theory Of Planned Behavior

A psychological theory that links beliefs and behavior, suggesting that an individual's behavioral intention is influenced by their attitude towards the behavior, subjective norms, and perceived control over the behavior.

Gender Differences

The distinctions in characteristics and behaviors typically associated with being male or female.

Fruit And Vegetable Consumption

Eating fruits and vegetables, which is a dietary behavior associated with reduced risk of many chronic diseases and health benefits.