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

 

Journalize the transaction

 

    • Posted: 3 years ago
    Cavert Products Inc. a wholesaler of office products was organized on Jan. 5 of the current

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