Lodi Company is authorized to issue 100,000 shares of no-par, $6 stated-value common stock and 10,000...
Lodi Company is authorized to issue 100,000 shares of no-par, $6 stated-value common stock and 10,000 shares of 9%, $100 par preferred stock. It enters into the following transactions on December 31:
| 1. | Accepts a subscription contract to 7,000 shares of common stock at $42 per share and receives a 30% down payment. |
| 2. | Collects the remaining balance of the subscription contract and issues the common stock. |
| 3. | Acquires a building by paying $3,000 cash and issuing 3,000 shares of common stock and 900 shares of preferred stock. Common stock is currently selling at $46 per share; preferred stock has no current market value. The building is appraised at $240,000. |
| 4. | Sells 1,000 shares of common stock at $47 per share. |
| 5. | Sells 900 shares of preferred stock at $112 per share. |
| 6. | Declares a three-for-one stock split on the common stock, reducing the stated value to $2.00 per share. |
Required:
| Prepare memorandum and journal entries to record the preceding transactions. |
Homework Answers
In Transaction Number 3,Market
value of Preference Share is not given
By adjusting all amount of Common stock ,Cash, Preference Capital at par, remaining amount Balancing figure is Preference capital in excess
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Lodi Company is authorized to issue 100,000 shares of no-par, $6
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