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Journal entries

See attachment file. Common Stock Issue
Based on the following data, prepare the journal entries for the issue of common
stock under five scenarios:
(1) Stock issued for cash at par value.
(2) Stock issued for cash at stated value equal to par value.
(3) Stock issued for cash with no par or stated value.
(4) Stock issued in exchange for legal services related to organizational expenses
at par value.
(5) Stock issued in exchange for land valued at the same as sales price at par value
Shares of Stock Issued
1,000
Sales Price of Stock
$52,000
Par Value
$5
Value of Services
$52,000
Value of Land
$52,000.

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Based on the following data, prepare the journal entries for the issue of common
stock under five scenerios:
(1) Stock issued for cash at par value.
(2) Stock issued for cash at stated value equal to par value.
(3) Stock issued for cash with no par or stated value.
(4) Stock issued in exchange for legal services related to organizational expenses
at par value.
(5) Stock issued in exchange for land valued at the same as sales price at par value
Shares of Stock Issued 1,000 ...

Solution Summary

The solution explains the journal entries for the given transactions.

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