Cavert Products Inc. a wholesaler of office products was organized on Jan. 5 of the current
Cavert Products Inc. a wholesaler of office products was organized on Jan. 5 of the current year with an authorization of 80,000 shares of 2% non cumulative preferred stock, $50 par and 250,000 shares of $100 par common stock. The following selected transactions were completed during the first year of operations:
Jan. 5 Issued 10,000 shares of common stock at par for cash.
Jan 18 Issued 100 shares of common stock at par to an attorney in payment of legal fees
For organizing the corporation
Feb 13 Issued 4,250 shares of common stock in exchange for land, buildings, and Equipment , with fair market prices of $50,000, $280,000, and $120,000, Respectively.
April 1 Issued 3,500 shares of preferred stock at $52 for cash
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