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Can anyone solve this financial accounting question? Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued
Can anyone solve this financial accounting question?
Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 10,000 shares of $5 par value common stock for $60,000 cash. 2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,500. The stock has a $1 per share stated value. 3. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,500. The stock has no stated value. 4. A corporation issued 2,500 shares of $50 par value preferred stock for $181,500 cash. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit A 1 Cash 60,000 50,000 Common stock, $5 par value Paid-in capital in excess of par value, Common stock 10,000 B 2 Organization expenses Common stock, $1 stated value Paid-in capital in excess of stated value, common stockStep by Step Solution
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