Answer the following:a. On July 6, Omanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares. b. Duqm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions.Jan. 15 Issued 520,000 ordinary shares at RO 2.50 per share.Provide the journal entry for January 15.
Answer the following:a. On July 6, Omanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares. b. Duqm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions.Jan. 15 Issued 520,000 ordinary shares at RO 2.50 per share.Provide the journal entry for January 15.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer the following:
a. On July 6, Omanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares.
b. Duqm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions.
Jan. 15 Issued 520,000 ordinary shares at RO 2.50 per share.
Provide the
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