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1.During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 170 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Jan. 9 Issued 80 million common shares for $25 per share. Mar. 11 Issued 5,700 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $25 per share. Record entry to common stock and Record the entry of related to the issued equipment. 2. Penne Pharmaceuticals sold 12 million shares of its $5 par common stock to provide funds for research and development. If the issue price is $16 per share, what is the journal entry to record the sale of the shares? (If no entry is required for an event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Record the sale of the shares. 3. Lewelling Company issued 102,000 shares of its $1 par common stock to the Michael Morgan law firm as compensation for 4,200 hours of legal services performed. Morgan's usual rate is $110 per hour. By what amount should Lewelling's paid-in capital-excess of par increase as a result of this transaction?
What is the purpose of a deposition at the trial phase of a company financial statement?
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What is the major source of the change in net assets that occurred in 2007 from the change that occurred in 2008? In your opinion, is this trend likely to continue? Why/why not?
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Based on 2008 tax laws, if Salem's taxable income before charitable contributions is $11,500,000 in 2009, calculate the charitable contribution allowance for 2009. Provide a recommendation to Salem management regarding tax implications of this con..
The company expects to sell 20% of its merchandise for cash. Of sales on account, 50% are expected to be collected in the month of the sale, 30% in the month following the sale, and the remainder in the following month. Prepare a schedule indicati..
In addition Explain what type of manufacturing would use the "Process Cost Accounting" to account for cost of manufacturing.
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The Audit Committee of the board of Directors is unfamiliar with the professional and ethical standards that govern the conduct of an audit and the issuance of an audit opinion.
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