Lily Company issues 5,000 shares of its $2 common stock when the market price is $5 per share. The journal entry to record this will include a: debit to Common Stock of $10,000   debit to Cash for $10,000   credit to Additional Paid-in Capital in excess of par (APIC) of $10,000   credit to Additional Paid-in Capital in excess of par (APIC) of $15,000

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Q: If Dakota Company issues 1,100 shares of $6 par common stock for $24,200, a.Cash will be debited…

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A: The journal entry to record the issue of  shares as follows:

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Q: On May 1, Laney Company purchases 4,000 shares of its own $1 par value stock for $24,000. Which…

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