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NIKE manufactures athletic shoes and sports apparel. Assume the following activities occurred during a recent year. The dollar amounts in (a) and (b) are presented
NIKE manufactures athletic shoes and sports apparel. Assume the following activities occurred during a recent year. The dollar amounts in (a) and (b) are presented "in millions," and the dollar amount in (c) is per share. When reporting amounts "in millions," exclude the 000.000.
- Purchased $216 in equipment; paid by signing a $5 long-term note and fulfilling the rest with cash.
- Issued $21 in additional common stock for cash contributions made by stockholders.
- Several NIKE investors sold their own stock to other investors on the stock exchange for $110 per share of stock.
Required:
- For each of the events above, prepare journal entries.
- Which statement best describes transaction transaction (c)?
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