baird products inc a wholesaler of office products was organized on january 30 of th 554390
EX 13-8 Issuing stock
Baird Products Inc., a wholesaler of office products, was organized on January 30 of the current year, with an authorization of 80,000 shares of 2% preferred stock, $75 par and 800,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:
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Jan. 30. |
Issued 300,000 shares of common stock at par for cash. |
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31. |
Issued 750 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. |
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Feb. 21. |
Issued 32,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $150,000, $460,000, and $90,000, respectively. |
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Mar. 2. |
Issued 15,000 shares of preferred stock at $77.50 for cash. |
Journalize the transactions.
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