(Solution) - Palo Verde Company was incorporated on January 1 2011 with -(2025 Original AI-Free Solution)

Paper Details

Palo Verde Company was incorporated on January 1, 2011, with the following authorized capitalization:
25,000 shares of common stock, stated value $6 per share
8,000 shares of 8% cumulative preferred stock, par value $20 per share
Make the entries required for each of the following transactions:
(a) Issued 14,000 shares of common stock for a total of $518,000 and 5,000 shares of preferred stock at $25 per share.
(b) Subscriptions were received for 3,000 shares of common stock at a price of $41. A 25% down payment is received.
(c) Collected the remaining amount owed on the stock subscriptions and issued the stock.
(d) Sold the remaining authorized shares of common stock at $53 per share.