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  • Vermue Corporation Was Organized On January 1 2012 It Is PDF

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    Hassan Jan
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    Vermue Corporation was organized on January 1, 2012 and is authorized to issue 100,000 preferred shares with a $7 dividend and 400,000 common shares. Throughout the year, the company issued shares for cash, land, and services including 200,000 common shares for $23 each on January 10 and 17,000 preferred shares for $119 each on March 1.

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    Vermue Corporation was organized on January 1, 2012 and is authorized to issue 100,000 preferred shares with a $7 dividend and 400,000 common shares. Throughout the year, the company issued shares for cash, land, and services including 200,000 common shares for $23 each on January 10 and 17,000 preferred shares for $119 each on March 1.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    5 views1 page

    Vermue Corporation Was Organized On January 1 2012 It Is PDF

    Uploaded by

    Hassan Jan
    Vermue Corporation was organized on January 1, 2012 and is authorized to issue 100,000 preferred shares with a $7 dividend and 400,000 common shares. Throughout the year, the company issued shares for cash, land, and services including 200,000 common shares for $23 each on January 10 and 17,000 preferred shares for $119 each on March 1.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Vermue Corporation was organized on January 1 2012 It is

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    Vermue Corporation was organized on January 1, 2012. It is authorized to issue 100,000
    preferred shares with a $7 dividend, and 400,000 common shares. The following share
    transactions were completed during the first year: Jan. 10 Issued 200,000 common shares for
    cash at $23 per share. Mar. 1 Issued 17,000 preferred shares for cash at $119 per share. Apr. 1
    Issued 3,000 common shares for land. The asking price for the land was $67,000; its fair value
    was $60,000. May 1 Issued 20,000 common shares for cash at $18 per share. Aug. 1 Issued
    1,000 common shares to lawyers in payment of their bill of $19,000 for services rendered in
    helping the company organize. Sept. 1 Issued 32,500 common shares for cash at $16 per
    share. Nov. 1 Issued 1,500 preferred shares for cash at $125 per share. InstructionsPrepare the
    journal entries to record the above transactions.View Solution:
    Vermue Corporation was organized on January 1 2012 It is

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