Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please andwer each question clearly and in an organaized way thak you Record journal entries for the following separate transactions. -Note: As needed, use the

Please andwer each question clearly and in an organaized way thak you image text in transcribed
image text in transcribed
Record journal entries for the following separate transactions. -Note: As needed, use the account "Common Stock" for parts a through e, and use the accounts "Common Stock-Class A" and "Common Stock-Class B" for parts f and g. - Note: As needed, use the account "Paid-in Capital in Excess of Par-Common Stock" for parts a through e, and use the accounts "Paid-in Capital in Excess of Par-Class A Common Stock" and "Paid-in Capital in Excess of Par-Class B Common Stock" for parts f and g. a. Max inc. issued 14,000 shares of $1 par value common stock for $20 per share. b. Max inc. issued 2,800 shares of no-par common stock for $25 per share. The state of incorporation requires a minimum value per share of $2 c. Max Inc. issued 1,400 shares of no-par common stock for $18 per share. d. Max Inc. issued 14,000 shares of $1 par value common stock for $18 per share and incurred $2,800 in legal fees related to the stock issuance. e. Max Inc. issued 28,000 shares of common stock ( $1 par) in exchange for equipment with a fair value of $498,400. f. Max Inc. issued 8,400 shares of Class A common stock ( $1 par) and 11,200 shares of Class B common stock ( $2 par) for $224,000 cash. At the time of issuance, the market price of the Class A common stock is $15 per share, and the market price of the Class B common stock is $10 per share. g. Max Inc, issued 8,400 shares of Class A common stock ( $1 par) and 11,200 shares of Class B common stock ( $2 par) for $238,000 cash. At the time of issuance, the market price of the Class A common stock is $16 per share, and the market price of the Class B common stock is unknown. \begin{tabular}{|l|} \hline Date \\ \hline a. Jan, 1 \\ \hline \end{tabular} To record the issuance of stock. b. Jan. 1 To record the issuance of stock. c. jan. 1 To record the issuance of stock. d. Jan. 1 To record the issuance of stock. e. Jan. 1 To record the issuance of stock. 1. jan. 1 To record the isswance of stock. g. Jan, 1 To record the issuance of stock

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Why is cyber security important?

Answered: 1 week ago