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    Journal entries

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    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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    https://brainmass.com/business/journal-entries/journal-entries-transactions-255172

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    Solution Preview

    Please see the attachment.

    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.

    $2.19