Supper Company Ltd., reported the following stockholders’ equity on its balance sheet at June 30, 2012:

Supper Company Ltd.

Stockholders’ Equity

June 30,2012

Paid-in Capital

Preferred stock, 10%,? par, 650,000 shares authorized, 280,000 shares issued $ 1,400,000

Common stock, par value $? per share, 5,000,000 shares authorized,

1,000,000 shares issued and outstanding

2,000,000

Paid-in capital in excess of par—common 6,000,000

Total paid-in capital 9,400,000

Retained earnings 12,300,000

Total Stockholders’ equity $21,700,000

Requirements:

1. What is the par value per share of Supper’s preferred stock? (Show Workings)

2. What is the par value per share of Supper’s common stock? (Show Workings)

3. What is the selling per share for the $6,000,000 reported as paid-in capital in excess of par –

common? (Show Workings)

4. Prepare two (2) summary journal entries to record issuance of all the Supper Company Ltd stock for

cash. Explanations are not required.

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