Question

Bramble Corporation was organized on January 1, 2020. It is authorized to Issue 11,000 shares of 8%, $100 par value preferred stock, and 524,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 83,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,600 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 23,000 shares of common stock for land. The asking price of the land was $89,500. The fair value of the land was $86,000. May 1 Issued 81,000 shares of common stock for cash at $5.00 per share. Aug. 1 Issued 10,500 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize. Sept. 1 Issued 10,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 3,000 shares of preferred stock for cash at $112 per share.

Answer 1

Bramble Corporation Preferred Stock Mar-01 Cash Nov-01 Cash 460000 300000 Common Stock Jan-10 Cash Apr-01 Land May-01 Cash Aug-01 Organization Expense 416000 Sep-01 Cash 416000 166000 46000 162000 21000 21000 416000 Dec-31 Bal. Dec-31 Bal. 760000 760000 760000 Paid in Capital in excess of Par - Preferred Stock Mar-01 Cash 46000 Nov-01 Cash 36000 Dec-31 Bal. 82000 82000 82000 Paid in Capital in excess of Par - Common Stock Jan-10 Cash Apr-01 Land May-01 Cash Aug-01 Organization Expense Dec-31 Bal. 501500 Sep-01 Cash 501500 166000 40000 243000 21000 31500 501500