Problem 11-6A
Solution
Solution :
Journal Entries in the books of Irwin Corporation as at December 31, 2015 -
(1) Issuance of preferred stock for land.
Dr Land 141,800
Cr Preferred Stock 125,000
Cr Paid-in Capital in Excess of Par Value
.
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Problem 11-6A Problem 11-6A Irwin Corporation has been au.docx
1. Problem 11-6A
Problem 11-6A
Irwin Corporation has been authorized to issue 21,000 shares of $100 par value, 10%,
noncumulative preferred stock and 1,147,704 shares of no-par common stock. The corporation
assigned a $2.91 stated value to the common stock. At December 31, 2015, the ledger
contained the following balances pertaining to stockholders
Solution
Solution :
Journal Entries in the books of Irwin Corporation as at December 31, 2015 -
(1) Issuance of preferred stock for land.
Dr Land 141,800
Cr Preferred Stock 125,000
Cr Paid-in Capital in Excess of Par Value