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equired information Skip to question [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. A corporation issued 7,000
equired information
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[The following information applies to the questions displayed below.]
Following are the issuances of stock transactions.
A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash.
A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $42,000. The stock has a $1 per share stated value.
A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $42,000. The stock has no stated value.
A corporation issued 1,750 shares of $25 par value preferred stock for $85,750 cash.
Prepare journal entries to record each of the following four separate issuances of stock.
Journal entry worksheet
Record the issue of 7,000 shares of $20 par value common stock for $168,000 cash.
Note: Enter debits before credits.
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