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When Bungler Corporation was formed on January 1, 2010, the corporate charter provided for 50,000 shares of $20 par value common stock.
The following transactions were among those engaged in by the corporation during its first month of operation:
1. The corporation issued 200 shares of stock to its lawyer in full payment of the $5,000 bill for assisting the company in drawing up its articles of incorporation and filing the proper papers with the state agency.2. The company issued 8,000 shares of stock at a price of $25 per share.3. The company issued 7,000 shares of stock in exchange for equipment that had a fair market value of $160,000.
Required:
Problem 1: Record the above transactions in the general journal. Narratives are not required.
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