VIP Corporation's first year of operations had the following transactions:2020Jan. 15 Issued 2,000 common shares to the corporation's promoters in exchange for their efforts increating it. Their efforts are estimated to be worth $32,400.19,50e common shares were issued for cash of $14 per share.6,000 preferred shares were issued for cash totalling $115,100.Feb. 21Mar. 9Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment withappraised values of $324,000, $429,000, and $121,000, respectively. Journal entry worksheet12Record the issue of common shares to promoters.Note: Enter debits before credits.DateJanuary 15, 2020Record entryGeneral JournalClear entryDebitCreditView general journal

Introduction : Issue of shares is one of the important source of finance being used in business. It…

Answered: Journal entry worksheet < 1 2 3 Record…

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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2 In the current year, Company A made the following cash purchases: 1. The exclusive right to manufacture and sell equipment from Company B for $210,000. Company B created the unique design for the equipment. Company A also paid an additional $15,000 in legal and filing fees to attorneys to complete the transaction. 2. An initial fee of $295,000 for a three-year agreement with Company C to use its name for a new facility in the local area. Company C has locations throughout the country. Company A is required to pay an additional fee of $6,000 for each month it operates under the Company C name, with payments beginning in March of the current year. Company A also purchased $410,000 of equipment to be placed in the new facility. 3. The exclusive right to sell a book, for $29,000. Required: Prepare a summary journal entry to record expenditures related to initial acquisitions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account…
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Journal entry worksheet < 1 2 3 Record the issue of common shares to promoters. Note: Enter debits before credits. Date January 15, 2020 4 General Journal Debit Credit >