coperation


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coperation 1 answer below » ·Uzi
Company received a charter granting the right to issue 200,000 shares of $1 par value
common stock and 10,000 shares of 8% cumulative and
nonparticipating, $50 par value preferred stock that is callable at $80 per
share. Selected transactions are presented below. 2020 20200000000002011 2011 Feb. 19. Issued 45,000
shares of common stock at par for cash. 22 Gave the corporation’s promoters
30,000 shares of common stock for their services in getting the corporation organized. The directors
valued the services at $50,000. Mar 30. Exchanged
100,000 shares of common stock for the following assets at View complete question » ·Uzi
Company received a charter granting the right to issue 200,000 shares of $1 par value
common stock and 10,000 shares of 8% cumulative and
nonparticipating, $50 par value preferred stock that is callable at $80 per
share. Selected transactions are presented below. 2020 20200000000002011 2011 Feb. 19. Issued 45,000
shares of common stock at par for cash. 22 Gave the corporation’s promoters
30,000 shares of common stock for their services in getting the corporation organized. The directors
valued the services at $50,000. Mar 30. Exchanged
100,000 shares of common stock for the following assets at fair market values:
land, $25,000; building, $100,000; and machinery,
$125,000. Dec. 31. Closed the
Income Summary account. A $25,000 loss was incurred. 2012 2012 Jan. 12. Issued 1,000
shares of preferred stock at $75 per share. Dec. 15. The board of
directors declared an 8% dividend on preferred shares and $0.10 per share on
outstanding common shares, payable on
January 31 to the January 17 stockholders of record. Dec 31. Closed the
Income Summary account. A $69,000 net income was earned. 2013 2013 Jan. 31. Paid the
previously declared dividends. ? ·Required: 1. Prepare general
journal entries to record the selected transactions. 2. Prepare a stockholders’
equity section as of the close of business on December 31, 2012. 3. Determine the book value per preferred
share and per common stock as of of December 31, 2012. 4. Provide a rationale between 200 and 300
words in length for buying or not buying this stock based on the financial
information presented. Attachments: Uzi-Company-r….doc View less » Dec 08 2013 09:49 AM

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