2 Prytania Corporation is authorized to issue 1,000,000 shares of $5 par value common stock...
50.1K
Verified Solution
Link Copied!
Question
Accounting
2 Prytania Corporation is authorized to issue 1,000,000 shares of $5 par value common stock During 2017, its first year of operation, the company has the following stock transactions Jan. 1 Paid the state $5,000 for incorporation fees Jan. 15 Issued 500,000 shares of stock at $6 per share Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate The legal services are estimated to have a value of $7,000 July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900,000 Sept. Dec. 5 6 The stock is currently selling on a national exchange at $8 per share Purchased 15,000 shares of common stock for the treasury at $9 per share Sold 11,000 shares of the treasury stock at $11 per share Instructions rournaize the transactions for Prytania Corporation
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
