Cheyenne Corp. had the following transactions during the current period. Mar. 2 Issued 4,000 shares of $4 par value common stock to attorneys in payment of a bill for $21,200 for services performed in helping the company to incorporate.
June 12 Issued 56,400 shares of $4 par value common stock for cash of $305,500.
July 11 Issued 1,950 shares of $100 par value preferred stock for cash at $130 per share.
Nov. 28 Purchased 2,560 shares of treasury stock for $78,500.
Journalize the transactions.

Mar. 2 Issued 4,000 shares of $4 par value common stock to attorneys in payment of a bill for $21,200 for services performed in helping the company to incorporate.

Dr Incorporation expenses 21,200

    Cr Common stock 16,000

    Cr Additional paid in capital - common stocks 5,200

June 12 Issued 56,400 shares of $4 par value common stock for cash of $305,500.

Dr Cash 305,500

    Cr Common stocks 225,600

    Cr Additional paid in capital - common stocks 79,900

July 11 Issued 1,950 shares of $100 par value preferred stock for cash at $130 per share.

Dr Cash 253,500

    Cr Preferred stocks 195,000

    Cr Additional paid in capital - preferred stocks 58,500

Nov. 28 Purchased 2,560 shares of treasury stock for $78,500.

Dr Treasury stocks 78,500

    Cr Cash 78,500

Treasury stocks account is a contra equity account which decreases the value of stockholders' equity.

answer; encouraging the development of innovations by firms attempting to break a monopoly; (creative destruction)

a. $48.75

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