On 2008 December 27, Glade Company was authorized to issue 250,000 shares of USD 24 par value common stock. It then completed the following transactions: 2009
Jan. 14 Issued 45,000 shares of common stock at USD 30 per share for cash. 29 Gave the promoters of the corporation 25,000 shares of common stock for their services in organizing the company. The board of directors valued these services at USD 744,000. 19 Exchanged 50,000 shares of common stock for the following assets at the indicated fair market values:
|
Land |
USD 216,000 |
|
Building |
528,000 |
|
Machinery |
720,000 |
a. Prepare general journal entries to record the transactions.
b. Prepare the balance sheet of the company as of 2009 March 1.