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Exercise During the first year of operations, Delta Corporation entered in to the following transactions relating to shareholders’ equity . the articles of incorporation authorized the issue of 8 million Common stock OMR 1par value,  and 1 million preferred stock , OMR 50 par value.  Required : Prepare the appropriate journal entries to record each transaction. Feb. 12 sold 2 million common stock for OMR 9 per share         12  issued 40,000 common stock to attorneys in exchange for                             building.         13 sold 80,000 of its common stock and 4,000 preferred stock for a                  total of OMR 945,000

Exercise During the first year of operations, Delta Corporation entered in to the following transactions relating to shareholders’ equity . the articles of incorporation authorized the issue of 8 million Common stock OMR 1par value,  and 1 million preferred stock , OMR 50 par value.  Required : Prepare the appropriate journal entries to record each transaction. Feb. 12 sold 2 million common stock for OMR 9 per share         12  issued 40,000 common stock to attorneys in exchange for                             building.         13 sold 80,000 of its common stock and 4,000 preferred stock for a                  total of OMR 945,000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 4PA: Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par...
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During the first year of operations, Delta Corporation entered in to the following transactions relating to shareholders’ equity . the articles of incorporation authorized the issue of 8 million Common stock OMR 1par value,  and 1 million preferred stock , OMR 50 par value. 

Required :

Prepare the appropriate journal entries to record each transaction.

Feb. 12 sold 2 million common stock for OMR 9 per share

        12  issued 40,000 common stock to attorneys in exchange for                             building.

        13 sold 80,000 of its common stock and 4,000 preferred stock for a                  total of OMR 945,000

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