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Make journal to record some of the transactions

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Reference no: EM132618703

Problem 1: Keep a journal to record some of the following transactions related to stocks.

a. Assume that attorneys have helped Mei Jaya incorporate. They have billed the company €40,000 for their services. They agree to accept 28,000 shares of €1 par value shares in payment of their bill. At the time of the exchange, there is no established market price for the shares.

b. Assume that Mei Jaya Inc. is an existing publicly held corporation. Its €6 par value shares are actively traded at €8 per share. The company issues 100,000 shares to acquire land recently advertised for sale at €100,000. Prepare the journal entry for this transaction.

c. On June 1, Mei Jaya Inc, Inc sells for US$200 per share 1,000 shares of its treasury shares, previously acquired at US$160 per share. (above cost)

Reference no: EM132618703

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