Prepare journal entries to record each of the following four separate issuances of stock No...
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Prepare journal entries to record each of the following four separate issuances of stock No A B Following are the issuances of stock transactions 1 A corporation issued 4 000 shares of 20 par value common stock for 96 000 cash 2 A corporation issued 2 000 shares of no par common stock to its promoters in exchange for their efforts estimated to be worth 47 500 The stock has a 2 per share stated value 3 A corporation issued 2 000 shares of no par common stock to its promoters in exchange for their efforts estimated to be worth 47 500 The stock has no stated value 4 A corporation issued 1 000 shares of 50 par value preferred stock for 97 500 cash Transaction 1 2 Cash Answer is not complete General Journal Common stock 20 par value Paid in capital in excess of par value Common stock Organization expenses Common stock 2 stated value Paid in capital in excess of stated value common stock Debit 96 000 47 500 Credit 8 000 x 16 000 completion 4 000 43 500 Return to q
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