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Prepare corporation journal entries Franklin Corporation was authorized to issue 5,000 shares of $100 par value, 9% preferred stock and 50,000 share of $5 par

Prepare corporation journal entries

Franklin Corporation was authorized to issue 5,000 shares of $100 par value, 9% preferred stock and 50,000 share of $5 par common stock.Record the following transactions:

  • Issued 10,000 shares of common stock for $12 per share
  • Issued 500 shares of common stock at $11 per share for services rendered in connection with theorganization of the company
  • Issued 2,500 shares of common stock for land on which the asking price was $35,000.Market value of the stock was $12.Management wishes to record the land at the market price of the stock.
  • Declared a cash dividend of $.50 per share on the common stock
  • Date of record
  • Paid the cash dividend
  • Issued 1,000 shares of Preferred stock at $110 per share

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