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ABC C.o just completed an IPO with an investment bank on a firm-commitment basis. The firm issues 5 million shares of common stock, and the underwriting fees were $2.37 per share. The offering price was $30.00 per share.
Problem (a) What were the total proceeds from the common stock sale?
Problem (b) How much money did the company receive?
Problem (c) How much money did the investment bank receive in fees?
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During July, Laesch Company, which uses a perpetual inventory system, sold 1,380 units from its LIFO-based inventory, which had originally cost $15 per unit. Prepare the entry in July to record the sale of the 1,380 units. Prepare the entry for the r..
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