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1. Hunt Incorporated is authorized to issue an unlimited number of no par value common shares. Record the journal entries for the following: a.
1. Hunt Incorporated is authorized to issue an unlimited number of no par value common shares. Record the journal entries for the following: a. Issued 3 000 shares at $12 per share. b. Issued 250 shares to the lawyer for a $3 000 legal bill. c. Issued 8 000 shares for building with a fair market value of $90 000. d. Executed a 2 for 1 common stock split. 2. DDSB Limited is authorized to issue 60 000, $6 par value common shares. Record the journal entries for the following: a. Issued 2000 shares at par value. b. Issued 500 shares at $8 per share. c. Reacquired 700 shares at par value. 3. Jordan. T Holdings Inc. is authorized to issue 40 000 convertible preferred shares with a par value of $20 and an unlimited number of no par value common shares. The preferred shares can be converted into common shares at a ratio of 1:4.
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