Question

Riverbed Corporation was organized on January 1, 2020. It is authorized to issue 10,300 shares of 8%, $100 par value preferred stock, and 509,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 80,240 shares of common stock for cash at $7 per share.
Mar. 1 Issued 5,830 shares of preferred stock for cash at $111 per share.
Apr. 1 Issued 24,550 shares of common stock for land. The asking price of the land was $90,850; the fair value of the land was $80,240.
May 1 Issued 80,240 shares of common stock for cash at $9 per share.
Aug. 1 Issued 10,300 shares of common stock to attorneys in payment of their bill of $45,900 for services rendered in helping the company organize.
Sept. 1 Issued 10,300 shares of common stock for cash at $11 per share.
Nov. 1 Issued 1,100 shares of preferred stock for cash at $104 per share.

Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Answer 1

Janio Cash (80240X $7) $561680 Common shock. APIC Common shock $80240 $ 481440 Marl Cash . (5830X$111) $647130 Preferred stock. $583000 APFC-Besersed $64130 stace. April 1 Land $80240 Common stale APIC-Common shock. $24550 $55690 Cash $722160 Common stock APIC- Common stock. $80240 $641920

/ / Augs. Organisahon op $45900 / $10300 $35600 APIC-Common stock. / / dep 1 Cash $113300 (T0300x411) Common stock $10300 APIC- Common stocle $103000 Noua Cash (1100x104) $114400 Preferred shale $110000 APIC- Preferred $ 4400 stock.