Pearl Corporation began operations on January 1, 2010. The following transactions relating to stockholders’ equity occurred in the first month of operations.
2010
Jan. 1 Authorized the issuance of 10 million shares of no-par value common stock.
Jan. 2 Issued 150,000 shares of common stock for $24 cash per share.
Jan. 3 Issued 1,000 shares to the company’s founders for organization activities for services valued at $24,000.
Jan. 14 Issued 6,000 shares in exchange for equipment valued at $122,000.
Required
1. Prepare journal entries to record each of these transactions for January 2010.
2. Prepare the stockholders’ equity section of the company’s balance sheet as of January 31, 2010.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.