During Its First Year of Operations, Criswell Inc

question 90

Essay

During its first year of operations, Criswell Inc. completed the following transactions relating to shareholders' equity.
Jan. 5: Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at $110.
Feb. 12: Issued 50,000 shares of common stock in exchange for equipment with a known cash price of $310,000.
The articles of incorporation authorize 5,000,000 shares with a par value of $1 per share of common and 1,000,000 preferred shares with a par value of $100 per share.
Required:
Record the above transactions in general journal form.

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Definitions:

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SSD

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