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Liu Industries issued 28 million of its \(\$ 1\) par common shares for \(\$ 492\)...

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Question

Accounting

Liu Industries issued 28 million of its \(\$ 1\) par common shares for \(\$ 492\) million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost \(\$ 3\) million.
Required:
1. Prepare the journal entry to record the issuance of the shares.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e.,\(10,000,000\) should be entered as 10).
Journal entry worksheet
Record the issuance of the shares.
Note: Enter debits before credits.
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