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Current Attempt in Progress Concord Corp, a private corporation, received its articles of incorporation on January 3, 2024. It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year Jan. 12 Issued 54,000 common shares for $5 per share 24 July 11 Oct. 1 Issued 1.000 common shares in payment of a $6.333 bill for legal services Issued 1.080 preferred shares for $25 per share Issued 10.800 common shares in exchange for land. The land's fair value was estimated to be $59,400. Concord's accountant estimated that the fair value of the shares issued might be as high as $6 per share

Current Attempt in Progress Concord Corp, a private corporation, received its articles of incorporation on January 3, 2024. It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year Jan. 12 Issued 54,000 common shares for $5 per share 24 July 11 Oct. 1 Issued 1.000 common shares in payment of a $6.333 bill for legal services Issued 1.080 preferred shares for $25 per share Issued 10.800 common shares in exchange for land. The land's fair value was estimated to be $59,400. Concord's accountant estimated that the fair value of the shares issued might be as high as $6 per share

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 3 of 11 (a) Journalize the share transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually If me entry is requirt, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problems List al debit entries before credit entries) Account Titles Date Question 3 of 11 < View Policies Current Attempt in Progress Jan 12 24 July 11 Oct. Concord Corp, a private corporation, received its articles of incorporation on January 3, 2024. It is authorized to issue an unlimited number of common shares and $3 preferred shares. It had the following share transactions during the year 1 Debit Issued 54,000 common shares for $5 per share Issued 1.030 common shares in payment of a $6.333 bill for legal services Issued 1.080 preferred shares for $25 per share Question 4 of 11 View Policies Issued 10,800 common shares in exchange for land. The land's fair value was estimated to be $59,400. Concord's accountant estimated that the fair value of the shares issued might be as high as $6 per share Jan. 13 Credit Current Attempt in Progress Bramble Ltd. is authorized to issue 9.000.54 concumulative preferred shares. On January 13, it issued 2.700 preferred shares for $90 cash per share. Date Account Titles Prepare the journal entry to record the transaction. (Credit account titles are automatically indented when the amount internt. Do not indent many if no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) Debit Credit
Transcribed Image Text:Question 3 of 11 (a) Journalize the share transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually If me entry is requirt, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problems List al debit entries before credit entries) Account Titles Date Question 3 of 11 < View Policies Current Attempt in Progress Jan 12 24 July 11 Oct. Concord Corp, a private corporation, received its articles of incorporation on January 3, 2024. It is authorized to issue an unlimited number of common shares and $3 preferred shares. It had the following share transactions during the year 1 Debit Issued 54,000 common shares for $5 per share Issued 1.030 common shares in payment of a $6.333 bill for legal services Issued 1.080 preferred shares for $25 per share Question 4 of 11 View Policies Issued 10,800 common shares in exchange for land. The land's fair value was estimated to be $59,400. Concord's accountant estimated that the fair value of the shares issued might be as high as $6 per share Jan. 13 Credit Current Attempt in Progress Bramble Ltd. is authorized to issue 9.000.54 concumulative preferred shares. On January 13, it issued 2.700 preferred shares for $90 cash per share. Date Account Titles Prepare the journal entry to record the transaction. (Credit account titles are automatically indented when the amount internt. Do not indent many if no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) Debit Credit
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