ICOT Industries issued 15 million of its $1 par common shares for $440 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $1 million. Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (I.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 Record the issuance of the shares. Note: Enter debits before credits.

ICOT Industries issued 15 million of its $1 par common shares for $440 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $1 million. Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (I.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 Record the issuance of the shares. Note: Enter debits before credits.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter13: Earnings Per Share (eps)

Section: Chapter Questions

Problem 3R: During 2012, Ponce Towers issued 30,000 additional shares of common stock on June 1 and 24,000 on...

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