brockbank corporation was organized on july 15 2012 record the 245876

Brockbank Corporation was organized on July 15, 2012. Record the journal entries for Brockbank to account for the following:

a. The state authorized 30,000 shares of 7% preferred stock ($20 par) and 100,000 shares of no-par common stock.

b. Brockbank gave 6,000 shares of common stock to its attorney in return for her help in incorporating the business. Fees for this work are normally about $18,000.

c. Brockbank gave 15,000 shares of common stock to an individual who contributed a building worth $50,000.

d. Brockbank issued 5,000 shares of preferred stock at $25 per share.

e. Peter Brockbank paid $70,000 cash for 30,000 shares of common stock.

f. Another individual donated a $15,000 machine and received 4,000 shares of common stock.

g. The attorney sold all her shares to her brother-in-law for $18,000.

Related Articles

armstrong helmet company 239138

Armstrong Helmet Company manufactures a unique model of bicycle helmet Question Case project Learning Objectives: Prepare practical applications of course concepts Develop analytical and critical thinking Develop decision-making capabilities Enhance professional...

read more

Open chat
Need help? We are Online 24/7
Hello 👋
Can we help you?