Stock issuancemorris had the following transactions during, Ask an Expert

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Stock Issuance

Morris had the following transactions during 2014

1. Issued 2,000 shares of $10 par common stock for cash at $17 per share.

2. Issued 1,000 shares of preferred stock to acquire land. The preferred stock has a par value of $5 per share. The land has been appraised at $7,000.

3. Issued 5,000 shares of $10 par common stock as payment to a company that provided adver- tising for the company. The stock was selling on the stock exchange at $12 per share at the time of issuance.

Required

Record a journal entry for each transaction.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91624341

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