Alexia Corporation was organized on January 1, 2012. It is authorized - 10378

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AP13-1A


 

Alexia Corporation was organized on January 1, 2012. It is authorized to issue 14,680 shares of 8%, $100 par value preferred stock, and 501,200 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.

 

Jan. 10

 

Issued 77,540 shares of common stock for cash at $4 per share.

Mar. 1

 

Issued 5,610 shares of preferred stock for cash at $105 per share.

Apr. 1

 

Issued 24,140 shares of common stock for land. The asking price of the land was $92,610. The fair market value of the land was $82,630.

May 1

 

Issued 79,910 shares of common stock for cash at $7.20 per share.

Aug. 1

 

Issued 10,010 shares of common stock to attorneys in payment of their bill of $39,460 for services provided in helping the company organize.

Sept. 1

 

Issued 11,070 shares of common stock for cash at $8 per share.

Nov. 1

 

Issued 1,090 shares of preferred stock for cash at $113 per share.

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Your answer is correct.

 

 

       

 

Journalize the transactions. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2. If amounts are the same, list alphabetically.)

 

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