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During its first year of operations, Crane Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 80,300 shares for cash
During its first year of operations, Crane Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 80,300 shares for cash at $6 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $37,200 for services rendered in helping the company to incorporate. Issued 31,300 shares for cash at $8 per share. July 1 Sept. 1 Issued 64,600 shares for cash at $10 per share. Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Jan. 10 Cash Common Stock Debit Mar. 1 Organization Expense 37200 Common Stock July 1 Cash Common Stock Sept. 1 Cash Common Stock Credit 93900 193800
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