Record the journal entries for issued

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Problem 1: Wong Incorporated is authorized to issue an unlimited number of no par value common shares. Record the journal entries for the following:

a) Issued 2 000 shares at $11 per share.

b) Issued 300 shares to the lawyer for a $2 800 legal bill.

c) Issued 7 000 shares for land with a fair market value of $83 000.

d) Executed a 2 for 1 common stock split.

Problem 2: Lesinski Limited is authorized to issue 50 000, $5 par value common shares. Record the journal entries for the following:

a) Issued 1 000 shares at par value.

b) Issued 200 shares at $7 per share.

c) Reacquired 500 shares at par value.

Reference no: EM132726180

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