ex 174 rowlands corporation has 100 000 shares of 40 par value preferred stock autho 4325044

Ex. 174

Rowlands Corporation has 100,000 shares of $40 par value preferred stock authorized. During the year, it had the following transactions related to its preferred stock.

(a)Issued 20,000 shares at $55 per share.

(b)Issued 10,000 shares for equipment having a $700,000 asking price. The stock had a market value of $75 per share

Instructions

Journalize the transactions.

Ex. 175

Echota Corporation has the following capital stock outstanding at December 31, 2017:

7% Preferred stock, $100 par value, cumulative

15,000 shares issued and outstanding ………………………..$1,500,000

Common stock, no par, $10 stated value, 500,000 shares authorized,

350,000 shares issued and outstanding ………………………..3,500,000

The preferred stock was issued at $120 per share. The common stock was issued at an average per share price of $14.

Instructions

Prepare the paid-in capital section of the balance sheet at December 31, 2017.

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