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Prepare journal entries to record the following four separate issuances of stock

E13-3 Prepare journal entries to record the following four separate issuances of stock

Check Point: Recording and Calculating Stocks; Complete Exercises 13-3 on pp. 529 and 530.

13-3 Prepare journal entries                                                      

E13-3 Prepare journal entries to record the following four separate issuances of stock:

1. Two thousand shares of no-par common stock are issued to the corporation’s promoters in exchange for their efforts, estimated to be worth $30,000. The stock has no stated value.

2. Two thousand shares of no-par common stock are issued to the corporation’s promoters in exchange for their efforts, estimated to be worth $30,000. The stock has a $1 per share stated value.

3. Four thousand shares of $10 par value common stock are issued for $70,000 cash.

4. One thousand Shares of $100 par value preferred stock are issued for $120,000 cash.
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