Journalise the Entries : 1. To finance business expansion, the company signed an...
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Journalise the Entries : 1. To finance business expansion, the company signed an agreement with a national bank in December 2021 to obtain a $30,000 three-year loan. The amount was deposited into the companys bank account on January 1, 2022. The interest on the loan is due semiannually and carries a 12% annual interest rate. 2. On January 20, Great Adventures reached an agreement to purchase a large plot of land in a mountainous area in Vermont as the site for the future ski resort. In this share-based transaction, the company agreed to issue 500,000 shares of its common stock as a way of payment. The common stock has a $1 par value per share. The transaction was closed on March 1 when stocks were trading at $23 per share. 3. On February 1, the company issued five million shares of its common stock through an investment banker on Wall Street and received $95,760 in cash proceeds.
Journalise the Entries :
1. To finance business expansion, the company signed an agreement with a national bank in December 2021 to obtain a $30,000 three-year loan. The amount was deposited into the companys bank account on January 1, 2022. The interest on the loan is due semiannually and carries a 12% annual interest rate.
2. On January 20, Great Adventures reached an agreement to purchase a large plot of land in a mountainous area in Vermont as the site for the future ski resort. In this share-based transaction, the company agreed to issue 500,000 shares of its common stock as a way of payment. The common stock has a $1 par value per share. The transaction was closed on March 1 when stocks were trading at $23 per share.
3. On February 1, the company issued five million shares of its common stock through an investment banker on Wall Street and received $95,760 in cash proceeds.
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