Prepare journal entries to record the following four separate issuances of stock. (5 marks each...
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Accounting
Prepare journal entries to record the following four separate issuances of stock. (5 marks each x 4 = 20 marks)
a. Issued 1,000 shares of $ 10 par value common stock for $10,000 cash.
b. Issued 1,000 shares of no-par common stock in exchange for land estimated to be worth $20,000. The stock has no stated value.
c. Issued 1,000 shares of no-par common stock with stated value of $30 per share for $35,000 cash.
d. Issued 1000 shares of no-par value common stock to promoters in exchange for their services, estimated to be work $25,000. The stock has $30 per share stated value.
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