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Question: What would be the correct journal entries for these transactions?
July 1: To meet financing needs for major renovation and expansion plans, additional long term funs must be generated. Therefore, on this date, 50000 shares of $5 par common stock were issued at a market price of $30 per share.
Also, 500 $1000 face value, 10% bonds due 6 yrs. froms this date were issued for $546927, resulting in an effective interest rate of 8%. Interest will be paid semi-annually to bondholders each Dec. 31 and June 30. The effective interest method will be utilized to determine interest expense and amortization.
July 1: Purchaed from S. Man. Company $100k of merchandise, terms 2/10, n/30. FOB shipping point.
July 6: Purchased $50k of merchandise from T. Corp., terms 2/10, n/30. FOB destination.
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