Bird Inc. was organized and authorized to issue 5,000 shares of $100 par value, 9% preferred stock and 50,000 shares of...
Bird Inc. was organized and authorized to issue 5,000 shares of $100 par value, 9% preferred stock and 50,000 shares of no par, $5 stated value common stock on July 1, 2017. Stock related transactions for Bird Inc. are as follows:
July 1 Issued 10,000 shares of common stock at $11 per share.
July 1 Issued 500 shares of common stock at $11 per share for services rendered in connection with the organization of the company.
July 2 Issued 1,000 shares of preferred stock at par value for cash.
July 10 Issued 2,500 shares of common stock for land. The transaction will be valued at the current market price of the stock, which is $12 per share.
Aug 2 Purchased 1,500 shares of its common stock at $13 per share.
Aug 10 Declared a $750 cash dividend on preferred stock and a $230 cash dividend on common stock.
Aug 12 Date of records for cash dividends.
Aug 22 Paid cash dividends.
Instructions: Prepare journal entries to record these transactions. (15 points)
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