Issue 5,000 shares of 4% PS (Par $100, MV $110, 50k authorized) to MX Co., convertible to 28,000 CS shares, and 25,000 shares of CS (MV $18; 7k to Jane Fox & 18k to Julius Alter) for a lump-sum bargain price of $950,000. What would the entry be?

Issue 5,000 shares of 4% PS (Par $100, MV $110, 50k authorized) to MX Co., convertible to 28,000 CS shares, and 25,000 shares of CS (MV $18; 7k to Jane Fox & 18k to Julius Alter) for a lump-sum bargain price of $950,000. What would the entry be?

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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