Sorocaba Co. had the following transactions during the current period. Mar. 2 Issued 5,000 R$1 par value

Question:

Sorocaba Co. had the following transactions during the current period.

Mar. 2 Issued 5,000 R$1 par value ordinary shares to attorneys in payment of a bill for R$38,000 for services provided in helping the company to incorporate.

June 12 Issued 60,000 R$1 par value ordinary shares for cash of R$475,000.

July 11 Issued 1,000 R$100 par value preference shares for cash at R$110 per share.

Nov. 28 Purchased 2,000 treasury shares for R$18,000.

Instructions
Journalize the transactions.

Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...

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Mar 2 Organization Expense 38000 Share Capital x Ordina...View the full answer

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