Question
Pfizer Inc. had the following transactions in February 2024: Issued 490,000 shares of common stock for $500 per share. Purchased land for $57,000,000, paying $24,000,000
Pfizer Inc. had the following transactions in February 2024:
- Issued 490,000 shares of common stock for $500 per share.
- Purchased land for $57,000,000, paying $24,000,000 in cash and signing a note for the balance.
- Declared and paid dividends of $11,000,000.
Record the journal entries for these transactions and show how they would affect the cash flow statement.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting Volume 1
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian edition
978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096
