A Company Is Authorized to Issue 50,000 Shares of $50

question 110

Essay

A company is authorized to issue 50,000 shares of $50 par,10%,noncumulative,nonparticipating preferred stock,and 500,000 shares of no-par common stock.Prepare journal entries to record the following selected transactions that occurred during this year:
$\begin{array}{|c|l|}\hline \text { Mar. 1 } & \text { Issued 1,000 shares of common stock for } \$ 30 \text { cash per share. } \\\hline 15 & \begin{array}{l}\text { Exchanged } 2,000 \text { shares of preferred stock for equipment and merchandise } \\\text { inventory with market values of } \$ 90,000 \text { and } \$ 20,000, \text { respectively. }\end{array} \\\hline\end{array}$

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Definitions:

Enterprise Social Media

Platforms and technologies used within companies to enable employees to network, collaborate, and share information.

Miscommunication

A failure to convey or understand messages accurately, leading to misunderstanding and confusion.

Electronic Meeting

A meeting conducted using electronic means, such as video conferencing or webinars, allowing participants to interact in real-time without being physically present in the same location.

Enterprise Social Media

Digital platforms used within companies to improve communication, collaboration, and knowledge sharing among employees, enhancing organizational engagement and productivity.