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Prepare corporation journal entries Hamilton Corporation was authorized to issue 20,000 shares of $100 par value, 5% preferred stock and 50,000 share of $1 par

Prepare corporation journal entries

Hamilton Corporation was authorized to issue 20,000 shares of $100 par value, 5% preferred stock and 50,000 share of $1 par common stock.Record the following transactions:

  • Issued 5,000 shares of common stock for $40 per share
  • Issued 500 shares of common stock at $19 per share for services rendered in connection with theorganization of the company
  • Issued 5,000 shares of common stock for a building on which the asking price was $325,000.Market value of the stock was $50.Management wishes to record the land at the market price of the stock.
  • Issued 1,000 shares of Preferred stock at $125 per share
  • Issued 6,000 shares of common stock for $40 per share
  • Issued 8,000 shares of preferred stock for $130 per share

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