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Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. - Note: As needed, use the account Common Stock for parts
Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. - Note: As needed, use the account "Common Stock" for parts a through e, and use the accounts "Common Stock-Class A" and "Common Stock-Class B" for parts fand g. a. Max inc. issued 10,000 shares of $1 par value common stock for $20 per share. b. Max Inc. issued 2,000 shares of no-par common stock for $25 per share. The state of incorporation requires a minimum value per share of $2. c. Max Inc. issued 1,000 shares of no-par common stock for $18 per share. d. Max Inc. issued 10,000 shares of $1 par value common stock for $18 per share and incurred $2,000 in legal fees related to the stock issuance. e. Max Inc. issued 20,000 shares of common stock (\$1 par) in exchange for equipment with a fair value of $356,000
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