Ehrlich Co. is authorized to issue 1,000,000 of it's $5 par value common stock. 1. Prepare entries for the following transactions: 1/15/22 Issued 100,000 shares of common stock for $6 per share 2/15/22 Issued 50,000 shares of common stock for $8 per share 4/15/22 Issued 70,000 shares of common stock for $9 per share 2. The company had net income of $250,000 for the year. Prepare the entry to close net income into retained earnings. 3.Prepare the Stockholders' equity section of the balance sheet for Ehrlich Co. at 12/31/22.
Ehrlich Co. is authorized to issue 1,000,000 of it's $5 par value common stock. 1. Prepare entries for the following transactions: 1/15/22 Issued 100,000 shares of common stock for $6 per share 2/15/22 Issued 50,000 shares of common stock for $8 per share 4/15/22 Issued 70,000 shares of common stock for $9 per share 2. The company had net income of $250,000 for the year. Prepare the entry to close net income into retained earnings. 3.Prepare the Stockholders' equity section of the balance sheet for Ehrlich Co. at 12/31/22.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ehrlich Co. is authorized to issue 1,000,000 of it's $5 par value common stock.
1. Prepare entries for the following transactions:
1/15/22 Issued 100,000 shares of common stock for $6 per share
2/15/22 Issued 50,000 shares of common stock for $8 per share
4/15/22 Issued 70,000 shares of common stock for $9 per share
2. The company had net income of $250,000 for the year. Prepare the entry to close net income into
3.Prepare the
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