1) The following is a news item reported by Reuters:

WASHINGTON, Jan 29 (Reuters)Wright Medical Group, a maker of reconstructive implants for knees and hips, on Tuesday filed to sell 3 million shares of common stock.

In a filing with the U.S. Securities and Exchange Commission, it said it plans to use the proceeds from the offering for general corporate purposes, working capital, research and development, and acquisitions.

After the sale there will be about 32.5 million shares outstanding in the Arlington, Tennessee-based company, according to the SEC filing.

Wright shares closed at $17.25 on Nasdaq.

The common stock of Wright Medical Group has a par of $0.03 per share.

Required:

Prepare the journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs

Event 1- Record the issuance of the new stock.

2) ICOT Industries issued 30 million of its $1 par common shares for $500 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $1 million.

Required:
1.	Prepare the journal entry to record the issuance of the shares