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Leo & Sons, Inc. is authorized to issue 50,000 shares of $2 par value common stock. Prepare the journal entries for the following transactions (omit
Leo & Sons, Inc. is authorized to issue 50,000 shares of $2 par value common stock. Prepare the journal entries for the following transactions (omit explanations):
a. Issued 15,000 shares at $30 per share.
b. Issued 250 shares in exchange for legal services valued at $9,000.
c. Issued 5,000 shares at $40 per share, paying an underwriter $500 in stock issuance costs.
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