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    Shikai Corporation's charter authorized issuance of 100,000 shares of $10 par value common stock and 50,000 shares of $50 preferred stock

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    P15-4 (Stock Transactions?Assessment and Lump Sum) Shikai Corporation's charter authorized issuance of 100,000 shares of $10 par value common stock and 50,000 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others.

    1. Issued a $10,000, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $106 a share.
    2. Issued 500 shares of common stock for machinery. The machinery had been appraised at $7,100; the seller's book value was $6,200. The most recent market price of the common stock is $15 a share.
    3. Issued 375 shares of common and 100 shares of preferred for a lump sum amounting to $11,300. The common had been selling at $14 and the preferred at $65.
    4. Issued 200 shares of common and 50 shares of preferred for furniture and fixtures. The common had a fair market value of $16 per share and the furniture and fixtures were appraised at $6,200.

    Instructions
    Record the transactions listed above in journal entry form.

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    P15-4 (Stock Transactions?Assessment and Lump Sum) Shikai Corporation's charter authorized issuance of 100,000 shares of $10 par value common stock and 50,000 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others.

    1. Issued a $10,000, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $106 a share.

    Cash $10,000
    Discount on Bonds Payable $ 106
    Bonds Payable $10,000
    Preferred Stock $ ...

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