Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

WASHINGTON, Jan 29 (Reuters)-Crossfire Medical Group, a maker of reconstructive implants for knees and hips, on Tuesday filed to sell 2 million shares of common

image text in transcribed

WASHINGTON, Jan 29 (Reuters)-Crossfire Medical Group, a maker of reconstructive implants for knees and hips, on Tuesday filed to sell 2 million shares of common stock. In a filing with the U.S. Securities and Exchange Commission, it said it plans to use the proceeds from the offering for general corporate purposes, working capital, research and development, and acquisitions. After the sale there will be about 33.5 million shares outstanding in the Arlington, Tennessee-based company, according to the SEC filing. Wright shares closed at $17.35 on Nasdaq. The common stock of Crossfire Medical Group has a par of $0.01 per share. Required: Prepare the journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance of the new stock.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions