Question
Toyota Motor Corporation issued 8,000 shares of $100 par value common stock at $120 per share. Calculate the total amount of proceeds received from this
Toyota Motor Corporation issued 8,000 shares of $100 par value common stock at $120 per share. Calculate the total amount of proceeds received from this stock issuance and the journal entry to record the transaction. Additionally, if Toyota Motor Corporation had a retained earnings balance of $2,000,000 before the issuance, how would this issuance affect the company's total equity?
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Financial Accounting an introduction to concepts, methods and uses
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
13th Edition
978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003
