Y Corporation is organized with authorized common stock of 10,000 shares without par value. If Y then issues 500 shares for cash at .$10 per share, it makes the following entry .a Dr. Cash 5,000 and Cr. Common Stock .5,000 .b O Dr. Cash 1,500 and Cr. Paid in capital -CS .1,500 .C Dr. Equipment 1,500, Cr. Common Stock .5,00 and Cr. Paid in capital -CS 1,000 .d Dr. Cash 1,500, Cr. Common Stock 500 .and Cr. Paid in capital -CS 1,000
Y Corporation is organized with authorized common stock of 10,000 shares without par value. If Y then issues 500 shares for cash at .$10 per share, it makes the following entry .a Dr. Cash 5,000 and Cr. Common Stock .5,000 .b O Dr. Cash 1,500 and Cr. Paid in capital -CS .1,500 .C Dr. Equipment 1,500, Cr. Common Stock .5,00 and Cr. Paid in capital -CS 1,000 .d Dr. Cash 1,500, Cr. Common Stock 500 .and Cr. Paid in capital -CS 1,000
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...
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