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Business, 12.03.2021 15:20 Mosoete4219
Ivanhoe Corporation was organized on January 1, 2020. It is authorized to issue 9,500 shares of 8%, $100 par value preferred stock, and 516,800 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 80,020 shares of common stock for cash at $7 per share.
Mar. 1 Issued 5,750 shares of preferred stock for cash at $111 per share.
Apr. 1 Issued 24,660 shares of common stock for land. The asking price of the land was $91,520; the fair value of the land was $80,020.
May 1 Issued 80,020 shares of common stock for cash at $9 per share.
Aug. 1 Issued 9,500 shares of common stock to attorneys in payment of their bill of $49,100 for services rendered in helping the company organize.
Sept. 1 Issued 9,500 shares of common stock for cash at $11 per share.
Nov. 1 Issued 970 shares of preferred stock for cash at $115 per share.
Instructions
Prepare the journal entries to record the above transactions.
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Ivanhoe Corporation was organized on January 1, 2020. It is authorized to issue 9,500 shares of 8%,...
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