Issuing Common and Preferred Stock
Klaus Herrmann, a biochemistry professor, organized Bioproducts Inc. early this year. The firm will manufacture antibiotics using gene splicing technology. Byproducts’ charter authorizes the firm to issue 10,000 shares of 7%, S70 par preferred stock and 150,000 shares of $5 par common stock. During the year, the firm engaged in the transactions listed below.
Required:
Prepare a journal entry for each of these transactions
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