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Solution Library
Journal Entries and Paid-in Capital of Sunshine Bakery, Inc.
Question
Sunshine Bakery, Inc. has been authorized to issue 300,000 shares of $8 par value common stock and 3,000 shares of 14 percent, cumulative, preferred stock with a par value of $12.
- Prepare the entries for the following transactions that all took place in June 2012:
- 150,000 shares of common stock are issued for cash at $25 per share.
- 1,500 shares of preferred stock are issued for cash at $18 per share.
- common stock. shares of common stock are issued in exchange for legal services received in the incorporation process. The fair market value of the legal services is $18,000.
- Prepare the paid-in capital section of Sunshine’s balance sheet as of June 30, 2012.
Summary
This question belongs to accounting and discusses about preparation of journal entries for transactions and paid-in capital of a company.
Total word count: 39
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