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Keshena Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its...
Keshena Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders’ equity during its first year of operations.General Journal Debit Credita. Cash 320,000 Common Stock, $25 Par Value 250,000 Paid-In Capital in Excess of Par Value, Common Stock 70,000 b. Organization Expenses 160,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock 35,000 c. Cash 45,500 Accounts Receivable 16,000 Building 82,000 Notes Payable 59,500 Common Stock, $25 Par Value 50,000 Paid-In Capital in Excess of Par Value, Common Stock 34,000 d. Cash 123,000 Common Stock, $25 Par Value 75,000 Paid-In Capital in Excess of Par Value, Common Stock 48,000 1. Explain the transaction(s) underlying each journal entry (a) through (d).2. How many shares of common stock are outstanding at year-end?3. What is the amount of minimum legal capital (based on par value) at year-end?
