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During its first year of operations, Bramble Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 67,000 shares for cash at
During its first year of operations, Bramble Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 67,000 shares for cash at 57 per share. July 1 Issued 41,000 shares for cash at $9 per share. (a) Your answer is correct. Journalize the transactions, assuming that the common stock has a par value of $7 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 10 Cash 469,000 Common Stock 469,000 July 1 Cash 369,000 Common Stock 287,000 Paid-in Capital in Excess of Par-Common Stock 82,000 (b) Joumalize the transactions, assuming that the common stock is no-par with a stated value of $2 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Date Credit
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