ICOT Industries issued 15 million of its $1 par common shares for $440 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $1 million. Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (I.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 Record the issuance of the shares. Note: Enter debits before credits.

ICOT Industries issued 15 million of its $1 par common shares for $440 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $1 million. Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (I.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 Record the issuance of the shares. Note: Enter debits before credits.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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