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please solve this problem *Make journal entries for the following transactions. (1) Hydro-Slide, Inc. issues 1,000 shares of 1 par value ordinary shares. Prepare Hydro-Slide's
please solve this problem
*Make journal entries for the following transactions. (1) Hydro-Slide, Inc. issues 1,000 shares of 1 par value ordinary shares. Prepare Hydro-Slide's journal entry if (a) 1,000 shares are issued for 1 per share, and (b) 1,000 shares are issued for 5 per share. (2) Assume that attorneys have helped Jordan Company incorporate. They have billed the company 5,000 for their services. They agree to accept 4,000 shares of 1 par value shares in payment of their bill. At the time of the exchange, there is no established market price for the shares. Prepare the journal entry for this transaction. (3) Assume that Athletic Research Inc. is an existing publicly held corporation. Its 5 par value shares are actively traded at 8 per share. The company issues 10,000 shares to acquire land recently advertised for sale at 90,000. Prepare the journal entry for this transaction. (4) On Dec. 1, the directors of Media General declare a .50 per share cash dividend on 100,000 shares of 10 par value ordinary shares. The dividend is payable on Jan. 20 to shareholders of record on Dec. 22. -Dec 1, - Dec.22 -Jan.20 - Dec.31Step by Step Solution
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