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Prepare cake journal entry to record the issuance of company

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Problem 1: On February 1, 2019, Icing Corporation issued 3,000 shares of its P5 par value common stock for land worth P31, 000. Prepare the February 1, 2019, journal entry.

Problem 2: Cake Corporation issued 20,000 shares of its P10 par value common stock for P600,000. Moonwalker also incurred P15, 000 of costs associated with issuing the stock. Prepare Cake's journal entry to record the issuance of the company's stock.

Reference no: EM132698502

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