Caribbean Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 2,000 shares of common stock to attorneys in settlement of their bill of $27,500 for organization costs. Journalize both issuances, assuming the stock is not publicly traded
Caribbean Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 2,000 shares of common stock to attorneys in settlement of their bill of $27,500 for organization costs. Journalize both issuances, assuming the stock is not publicly traded
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 6EA: James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its...
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Caribbean Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 2,000 shares of common stock to attorneys in settlement of their bill of $27,500 for organization costs. Journalize both issuances, assuming the stock is not publicly traded.
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