stock subscriptions and treasury stock rogers hart formed a 245568

STOCK SUBSCRIPTIONS AND TREASURY STOCK Rogers & Hart formed a corporation and had the following stock transactions during the year:

June 30 Incurred the following costs of incorporation:

Incorporation fees…………….$ 900

Attorneys’ fees………………….6,000

Promotion fees………………….8,000

July 15 Issued 8,000 shares of $10 par common stock for $82,000 cash.

21 Issued 5,000 shares of $25 par, 8% preferred stock for $124,500 cash.

Aug. 1 Received subscriptions for 10,000 shares of $10 par common stock for $101,500.

15 Issued 10,000 shares of $10 par common stock in exchange for a building and fixtures with a fair market value of $104,800.

31 Received a payment of $51,500 for the common stock subscription.

Sept. 3 Purchased 1,000 shares of its own $10 par common stock for $11 a share.

12 Issued 2,800 shares of no-par common stock with a stated value of $8 per share for $21,400.

18 Received the balance in full for the common stock subscription and issued the stock.

30 Sold 500 shares of its treasury stock for $11.50 a share.

Oct. 15 Issued 4,000 shares of $25 par, 8% preferred stock in exchange for land with a fair market value of $105,000.

31 Sold 500 shares of its treasury stock for $10.75 a share.

REQUIRED

Prepare journal entries to record the transactions.

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