Ava School of Learning obtained a charter at the start of the year that authorized...
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Accounting
Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred:
a.
Collected $31 cash per share from four individuals and issued 4,100 shares of common stock to each.
b.
Issued 5,100 shares of common stock to an outside investor at $31 cash per share.
c.
Issued 7,100 shares of preferred stock at $16 cash per share.
1
Record the issuance to four individuals of 4,100 shares each of common stock with no par value for a price of $31 per share.
2
Record the issuance to an outside investor of 5,100 shares of common stock with no par value for a price of $31 per share.
3
Record the issuance of 7,100 shares of preferred stock with a par value $10 for a price of $16 per share.
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