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Einstein, Graham & Co, began a new public corporation. The corporation's common stock has no par value or stated value. During the first month of
Einstein, Graham & Co, began a new public corporation. The corporation's common stock has no par value or stated value. During the first month of operations, it had the following stock transactions a) Einstein, Graham & Co, issued 12,300 common shares for $87,000 on August 5, 2018. Write the journal entry to record the transaction Do not enter dollar signs or commas in the input boxes. For transactions that have 2 debits or credits, enter the accounts in alphabetical order Date Account Title and Explanation Debit Credit Aug 5 Issued common shares b) On August 5, 2018, Einstein, Graham & Co, issued an additional 13,700 common shares in exchange for machinery and a building. The machinery was valued at $66,000 and the building valued at $118,000. Record the transaction Account Title and Explanation Debit Credit Aug 5 Date Exchanged building and machine for common shares Date Account Title and Explanation Debit Credit Aug 5 . . Exchanged building and machine for common shares c) The lawyer that handled the issue of shares has sent a bill for $4,800. The lawyer has agreed to accept 470 common shares instead of cash. Record the transaction on August 12, 2018 Date Account Title and Explanation Debit Credit Aug 12 Paid lawyer's fee with common shares
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