Journalize the following transaction: Mining corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It's also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transaction: 1-May issued 3,000 shares of preferred stock for Cash at $750 per share. 23-May issued 6,000 shares of common stock at $12.50 Per share. Jun.10 issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share. Journalize the transactions
Journalize the following transaction: Mining corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It's also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transaction: 1-May issued 3,000 shares of preferred stock for Cash at $750 per share. 23-May issued 6,000 shares of common stock at $12.50 Per share. Jun.10 issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share. Journalize the transactions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalize the following transaction:
Mining corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock . It's also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transaction:
1-May issued 3,000 shares of preferred stock for Cash at $750 per share.
23-May issued 6,000 shares of common stock at $12.50 Per share.
Jun.10 issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share.
Journalize the transactions
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