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Create the journal entry to record issuing common shares

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Reference no: EM132521703

Question - Billiam's Bedding Incorporated (BBI) currently has:

140 000 common shares issued at $10 per share

10 000 $3 non-cumulative preferred shares issued at $100 per share

a) Create the journal entry to record issuing 10000 common shares at $12 per share On January 1st, 2020.

b) Create the journal entry to record issuing 5000 common shares to cover a legal bill of $45000 on January 3rd, 2020.

Reference no: EM132521703

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