Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no par common stock and 20,000 shares of preferred stock, par value $10 During the year, the following selected transactions occurred a Collected $30 cash per share from four individuals and issued 4,000 shares of common stock to each b Issued 5,000 shares of common stock to an outside investor at $30 cash per share c Issued 7,000 shares of preferred stock at $15 cash per share Required 1 Prepare the journal entries indicated for each of these transactions 2 Prepare the stockholders' equity section of the balance sheet at December 31 At the end of the year, the accounts reflected net income of $26,000 No dividends were declared

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Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no par common stock and 20,000 shares of preferred stock, par value $10  During the year, the following selected transactions occurred  a  Collected $30 cash per share from four individuals and issued 4,000 shares of common stock to each  b  Issued 5,000 shares of common stock to an outside investor at $30 cash per share  c  Issued 7,000 shares of preferred stock at $15 cash per share  Required  1  Prepare the journal entries indicated for each of these transactions  2  Prepare the stockholders' equity section of the balance sheet at December 31  At the end of the year, the accounts reflected net income of $26,000  No dividends were declared

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Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares

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Intermediate Accounting

Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares

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Intermediate Accounting

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