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:

Corporate Social Responsibility

The practice of businesses engaging in initiatives that benefit society, reflecting their commitment beyond profit-making.

Employee Productivity

The measure of an employee's output and efficiency in performing their job tasks, often evaluated to improve business operations and success.

Employee Turnover

The rate at which employees leave a company and are replaced by new employees, which can impact organizational performance and morale.

Dermatological Office Visits

Appointments with dermatologists, medical specialists in skin care, for the diagnosis and treatment of skin conditions and diseases.