Blue Spruce Corporation began operations on April 1 by issuing 60,500 shares of $5 par value common stock for cash at $19 per share. On April 19, it issued 2,550 shares of common stock to attorneys in settlement of their bill of $27,100 for organization costs. In addition, Blue Spruce issued 1,250 shares of $1 par value preferred stock for $5 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation (To record issuance of common stock for attorney's fees) (To record issuance of Preferred stock for cash) Debit Cre

Blue Spruce Corporation began operations on April 1 by issuing 60,500 shares of $5 par value common stock for cash at $19 per share. On April 19, it issued 2,550 shares of common stock to attorneys in settlement of their bill of $27,100 for organization costs. In addition, Blue Spruce issued 1,250 shares of $1 par value preferred stock for $5 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation (To record issuance of common stock for attorney's fees) (To record issuance of Preferred stock for cash) Debit Cre

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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