Question
Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 8,000 shares of $20 par value common stock for
| Prepare journal entries to record the following four separate issuances of stock. |
| 1. | A corporation issued 8,000 shares of $20 par value common stock for $192,000 cash. |
| 2. | A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,500. The stock has a $1 per share stated value. |
| 3. | A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,500. The stock has no stated value. |
| 4. | A corporation issued 2,000 shares of $25 par value preferred stock for $101,500 cash. |
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Managerial accounting
Authors: ramji balakrishnan, k. s i varamakrishnan, Geoffrey b. sprin
1st edition
471467855, 978-0471467854
