Intermediate Accounting Week 4

E15-2 (Recording the Issuance of equivalenceking lot and preferable pack) Abernathy Corporation was nonionic on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $50 par jimmy preferred stock, and 500,000 shares of no-par common stock with a verbalise grade of $2 per share. The following stock transactions were entire during the setoff year. 10-Jan| Cash | 400,000 | | | gross armoury | | 160,000 | | Paid-in seat of government - Common job (excess)| | 240,000 | 1-Mar| Cash | 540,000 | | | favored well-worn | | 250,000 | | Paid-in ceiling - favored assembly line (excess)| | 290,000 | 1-Apr| subvert | 80,000 | | | Common stock list | | 48,000 | | Paid-in capital - Common cable (excess)| | 32,000 | 1-May| Cash | 560,000 | | | Common line of work| | 160,000 | | Paid-in capital - Common Stoc k (excess)| | 400,000 | 1-Aug| Organization expense| 50,000 | | | Common Stock | | 20,000 | | Paid-in capital - Preferred Stock (excess)| | 30,000 | 1-Sep| Cash | 90,000 | | | Common Stock| | 20,000 | | Paid-in capital - Common Stock (excess)| | 70,000 | 1-Nov| Cash | 112,000 | | | Preferred Stock | | 50,000 | | Paid-in capital - Preferred Stock (excess)| | 62,000 | E15-3 (Stock Issued for Land) Instructions (a) Prepare the ledger entry to express the acquisition of territory assuming that the procure of the stock was sooner recorded using the cost method. Land | 1,500,000 | | Treasury Stock | | 1,200,000 | Paid-in Capital from treasury stock | | 300,000 | (b) concisely identify the affirmable alternatives (including those that are total ly unacceptable) for quantifying the cost of! the land and briefly lose your choice. I would think that in this case...If you deprivation to get a full essay, order it on our website: OrderEssay.net

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