On December 29, 2019. Hade Company was authorized to issue 100,000 shares of $5 par...
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Accounting
On December 29, 2019. Hade Company was authorized to issue 100,000 shares of $5 par value preferred stock and 600,000 shares of $30 par value common stock. It then completed the following transactions in the month of January 2020: Jan 6 Issues 60,000 shares of common stock at $36 per share for cash. Jan. 19 Issued 2,000 shares of preferred stock for $70,000 cash. Jan. 26 Exchanged 55,000 share of common stock for the following assets at the indicated fair market values: Land $305,000 Building $640,000 Machinery $760,000 Required: A Prepare the journal entries to record the above transactions B. Prepare the balance sheet of the company as of January 31, 2020. USE THIS FORMAT General Journal Debit Date 01/06/20 Credit 13 01/19/20 G 0 o 01/26/20 Hade Company Balance Sheet 01/31/20
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