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Q1) Present entries to record following: 

(a) Issued 1,000 shares of $10 par common stock at $45 for cash. 

(b) Issued 1,400 shares of common stock in exchange for equipment with fair market price of $60,000. 

(c) Bought 100 shares of treasury stock at $35. 

(d) Sold 100 shares of treasury stock at $42.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917005

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