Shamrock Corporation’s charter authorized issuance of 100,000 shares of $10 par value common stock and 53,400...

4.5 Ratings (946 Votes)

No	Account Titles and Explanation	Debit	Credit
1	Cash	9,500.00
	Discount on bond issued	103.00
	Bond Payable		9,500.00
	Preferred stock par value		50.00
	Additional paid in Capital/Share premium		53.00

2	Equipment(480*15)	7,200.00
	Common stock par value(480*10)		4,800.00
	Additional paid in capital(7200-4800)		2,400.00

3	Cash	10,200.00
	Common Stock(k)		3,631.99
	Additional paid in capital common stock(l)		1,089.60
	Preferred Stock(k)		4,565.35
	Additional paid in capital preferred stock(l)		913.07

4	Equipment	6,000.00
	Common stock par value(220*10)		2,200.00
	Additional paid in capital common stock(3300-2200)		1,100.00
	Preferred stock par value(51*50)		2,550.00
	Additional paid in capital Preferred stock(6000-3300-2550)		150.00

	Shares(a)	Rate(b)	Amount(c )	Proportion to FV(d)	*(e=10200d%)**	*Par Value(f=apar value)**	Additional paid in capital(g = c-f)	*Proportion (j=g/f100)**	Allocation (k=e/(100+j)%)	Additional paid in capital(l = e-k)
Common stock	358	13	4,654.00	46.29	4,721.58	3,580.00	1,074.00	30	3,631.99	1,089.60
Preferred stock	90	60	5,400.00	53.71	5,478.42	4,500.00	900	20	4,565.35	913.07
Total FV			10,054.00	100	10,200.00	8,080.00	1,974.00		8,197.33	2,002.67

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Other questions asked by students

1.		Issued a $9,500, 9% bondpayable at par and gave as a bonus one share of preferred stock,which at that time was selling for $103 a share.
2.		Issued 480 shares of commonstock for equipment. The equipment had been appraised at $7,100;the seller’s book value was $6,700. The most recent market price ofthe common stock is $15 a share.
3.		Issued 358 shares of commonand 90 shares of preferred for a lump sum amounting to $10,200. Thecommon had been selling at $13 and the preferred at $60.
4.		Issued 220 shares of commonand 51 shares of preferred for equipment. The common had a fairvalue of $15 per share; the equipment has a fair value of$6,000.