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QS 13-10 Issuance of preferred shares in exchange for land LO³ On October 3, 2014, Allarco Inc. issued 4,000 of its preferred shares for cash of $15 each. On November 19 the company issued 3,400 preferred shares in exchange for land with a fair market value of $52,480. a. Prepare the entries for October 3 and November 19. b. Calculate the average issue price per preferred

QS 13-10 Issuance of preferred shares in exchange for land LO³ On October 3, 2014, Allarco Inc. issued 4,000 of its preferred shares for cash of $15 each. On November 19 the company issued 3,400 preferred shares in exchange for land with a fair market value of $52,480. a. Prepare the entries for October 3 and November 19. b. Calculate the average issue price per preferred

Accounting (Text Only)
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 13.4CP
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QS 13-10 Issuance of preferred shares in exchange for land LO³ On October 3, 2014, Allarco Inc. issued 4,000 of its preferred shares for cash of $15 each. On November 19 the company issued 3,400 preferred shares in exchange for land with a fair market value of $52,480. a. Prepare the entries for October 3 and November 19. b. Calculate the average issue price per preferred share.
Transcribed Image Text:QS 13-10 Issuance of preferred shares in exchange for land LO³ On October 3, 2014, Allarco Inc. issued 4,000 of its preferred shares for cash of $15 each. On November 19 the company issued 3,400 preferred shares in exchange for land with a fair market value of $52,480. a. Prepare the entries for October 3 and November 19. b. Calculate the average issue price per preferred share.
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