Accounting-On 2008 December 27, Glade Company was authorized to issue 250,000

| January 30, 2017

Question
On 2008 December 27, Glade Company was authorized to issue 250,000 shares of $24 par value common stock. It then completed the following transactions:

2009

Jan. 14 Issued 45,000 shares of common stock at $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 $744,000.

19 Exchanged 50,000 shares of common stock for the following assets at the

indicated fair market values:

Land $ 216,000

Building $528,000

Machinery $ 720,000

Requirements:

a. Prepare general journal entries to record the transactions. (7.5 points)

b. Prepare the balance sheet of the company as of 2009 March 1. (7.5 points)

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