Reference no: EM132731220
Question - Recording Entries for Common Stock Issuance
Record journal entries for the following separate transactions.
a. Max Inc. issued 15,000 shares of $1 par value common stock for $20 per share on January 1, 2020.
b. Max Inc. issued 3,000 shares of no-par common stock for $25 per share on January 1, 2020. The state of incorporation requires a minimum value per share of $2.
c. Max Inc. issued 1,500 shares of no-par common stock for $18 per share on January 1, 2020.
d. Max Inc. issued 15,000 shares of $1 par value common stock for $18 per share on January 1, 2020, and incurred $3,000 in legal fees related to the stock issuance.
e. Max Inc. issued 30,000 shares of common stock ($1 par) in exchange for equipment with a fair value of $534,000.
f. Max Inc. issued 9,000 shares of Class A common stock ($1 par) and 12,000 shares of Class B common stock ($2 par) at a price of $240,000. At the time of issuance, the market price of the Class A common stock is $15 per share, and the market price of the Class B common stock is $10 per share.
g. Max Inc. issued 9,000 shares of Class A common stock ($1 par) and 12,000 shares of Class B common stock ($2 par) at a price of $255,000. At the time of issuance, the market price of the Class A common stock is $16 per share, and the market price of the Class B common stock is unknown.
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Question - Recording Entries for Common Stock Issuance
: Question - Recording Entries for Common Stock Issuance - Max Inc. issued 15,000 shares of $1 par value common stock for $20 per share on January 1, 2020
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