Accounting -On2008December 27, Glade Company was authorized to issue

| January 30, 2017

On2008December 27, Glade Company was authorized to issue

250,000 shares of USD 24 par value common stock. It then completed the following



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

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

indicated fair market values:

Land USD 216,000

Building 528,000

Machinery 720,000

a. Prepare general journal entries to record the transactions.

b. Prepare the balance sheet of the company as of 2009 March 1.

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