Question
Bank of America Corporation had the following transactions in April 2024: Issued 160,000 shares of common stock for $230 per share. Purchased land for $6,000,000,
Bank of America Corporation had the following transactions in April 2024:
- Issued 160,000 shares of common stock for $230 per share.
- Purchased land for $6,000,000, paying $2,400,000 in cash and signing a note for the balance.
- Declared and paid dividends of $1,900,000.
Record the journal entries for these transactions and show how they would affect the cash flow statement.
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
7th Canadian edition
1119368456, 978-1119211587, 1119211581, 978-1119320623, 978-1119368458
