Account for issuance of stock; report stockholders’ equity) Hambrick Sales, Inc., is authorized to

issue 170,000 shares of common stock and 5,000 shares of preferred stock. During its first year, the business completed the following stock issuance transactions:

Aug 19

Issued 10,000 shares of $5.00 par common stock for cash of $12.00 per share.

Nov 3

Issued 1,000 shares of $4.00 no par preferred stock for $49,000 cash.

     11

Received inventory valued at $14,000 and equipment with market value of $11,000 for 3,900 shares of the $5.00 par common stock.

▸

 Requirements

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"