St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Jan. 31 Issued 140,000 common shares at $10 share Jun. 10 Issued 160,000 preferred shares in exchange for land with a clearly determined value of $850,000
St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Jan. 31 Issued 140,000 common shares at $10 share Jun. 10 Issued 160,000 preferred shares in exchange for land with a clearly determined value of $850,000
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 9EA: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and...
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