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please journalize the transaction Culver Corp., a private corporation, received its articles of incorporation on January 3,2024 . It is authorized to issue an unlimited
please journalize the transaction
Culver Corp., a private corporation, received its articles of incorporation on January 3,2024 . It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year: Jan. 12 Issued 54,500 common shares for $5 per share. 24 Issued 1,040 common shares in payment of a $6,394 bill for legal services. July 11 Issued 1,090 preferred shares for $25 per share. Oct. 1 Issued 10,900 common shares in exchange for land. The land's fair value was estimated to be $59,950. Culver's accountant estimated that the fair value of the shares issued might be as high as $6 per share. Journalize the share transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)Step by Step Solution
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