Required information [The following information applies to the questions displayed below] Following are the issuances of stock transactions.. 1. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,500. The stock has a $1 per share stated value. 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,500. The stock has no stated value. 4. A corporation issued 1,750 shares of $50 par value preferred stock for $128,000 cash. Prepare journal entries to record each of the following four separate issuances of stock.
Required information [The following information applies to the questions displayed below] Following are the issuances of stock transactions.. 1. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,500. The stock has a $1 per share stated value. 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,500. The stock has no stated value. 4. A corporation issued 1,750 shares of $50 par value preferred stock for $128,000 cash. Prepare journal entries to record each of the following four separate issuances of stock.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below]
Following are the issuances of stock transactions.
1. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash.
2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $40,500. The stock has a $1 per share stated value.
3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $40,500. The stock has no stated value.
4. A corporation issued 1,750 shares of $50 par value preferred stock for $128,000 cash.
Prepare journal entries to record each of the following four separate issuances of stock.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F94509fc1-ed87-4c03-b211-1c62ccfffcaf%2Fb54c0851-9eab-463a-9963-d19bb4a49446%2Fflypwii_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
Following are the issuances of stock transactions.
1. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash.
2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $40,500. The stock has a $1 per share stated value.
3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $40,500. The stock has no stated value.
4. A corporation issued 1,750 shares of $50 par value preferred stock for $128,000 cash.
Prepare journal entries to record each of the following four separate issuances of stock.
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