E11-1 During its first year of operations, Mona Corporation had these transactions per-taining to its common stock.поnJan. 10Issued 30,000 shares for cash at $5 per share.July 1 Issued 60,000 shares for cash at $7 per share.Instructions(a) Journalize the transactions, assuming that the common stock has a par value of$5 per share.(b) Journalize the transactions, assuming that the common stock is no-par with a statedvalue of $1 per share.

a. Record journal entries assuming common stock has par value of $5 period share as shown below:

Answered: E11-1 During its first year of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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