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Business, 22.11.2019 02:31 jmayy8223

Carla corporation was organized on january 1, 2014. it is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $1 per share. the following stock transactions were completed during the first year. jan. 10 issued 80,000 shares of common stock for cash at $5 per share. mar.1 issued 5,000 shares of preferred stock for cash at $108 per share. apr. 1 issued24, 000shares of common stock for land. the asking price of the land was$90,000; the fair value of the land was $80,000.may1 issued 80,000 shares of common stock for cash at $7 per share. aug.1 issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services rendered in the company organizes. sept. 1 issued 10,000 shares of common stock for cash at $9 per share. nov.1 issued 1,000 shares of preferred stock for cash at $112 per share. prepare the journal entries to record the above transactions

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Carla corporation was organized on january 1, 2014. it is authorized to issue 10,000 shares of 8%, $...
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