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1)Prepare a journal entry for each of the following transactions.
a) Masters Corporation sells 10,000 common shares for $13.25 per share.
b) Masters Corporation sells 5,000 shares of $5, cumulative preferred shares for $55 per share.
c) Received a building with a market value of $160,000, and issued 6,400 common shares in exchange.
d) Masters Corporation reports a net income for the current year of $56,000. Prepare the entry to close the income summary account.
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