XYZ Corporation is authorized to issue 1,000,000 ordinary shares with a $5 par value. During 2023,...

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XYZ Corporation is authorized to issue 1,000,000 ordinary shares with a $5 par value. During 2023, its first year of operation, the company had the following share transactions: Jan 1. Issued 500,000 ordinary shares at $7 per share. Jan 15. Paid the government $2,000 for incorporation fees Jan 30. Attorneys for the company accepted 500 ordinary shares as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $5,000 July 2. Issued 100,000 shares for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share. Sept 5. Purchased 15,000 shares for the treasury at $10 per share. Dec 6. Sold 11,000 treasury shares at $11 per share. Required: Journalize the above transactions for XYZ Corporation XYZ Corporation is authorized to issue 1,000,000 ordinary shares with a $5 par value. During 2023, its first year of operation, the company had the following share transactions: Jan 1. Issued 500,000 ordinary shares at $7 per share. Jan 15. Paid the government $2,000 for incorporation fees Jan 30. Attorneys for the company accepted 500 ordinary shares as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $5,000 July 2. Issued 100,000 shares for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share. Sept 5. Purchased 15,000 shares for the treasury at $10 per share. Dec 6. Sold 11,000 treasury shares at $11 per share. Required: Journalize the above transactions for XYZ Corporation

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To journalize the above transactions for XYZ Corporation we will record the entries in chronological ... View the full answer