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
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.
Prepare journal entries to record the transactions.
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