Problem 11-01A a-c (Video) (Part Level Submission) Cul umber Company was organized on January 1...
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Problem 11-01A a-c (Video) (Part Level Submission) Cul umber Company was organized on January 1 2020 lt s authorized to issue 0 000 s ares o 8 % $100 par value preferred stock, and 450,000 s ares o no par common stoc share. The following stock transactions were completed during the first year: wi a stated 11 e ur pe- Jan. 10 Issued 75,000 shares of common stock for cash at $4 per share Mar. 1 Issued 4,000 shares of preferred stock for cash at $105 per share. Apr. Issued 22,000 shares of common stock for land. The asking price of the land was $85,000. The fair value of the land was $80,000. May Issued 75,000 shares of common stock for cash at $4.25 per share Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $35,000 for services performed in helping the company organize Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share Nov. 1 Issued 1,000 shares of preferred stock for cash at $108 per share
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