On March 8, Crane inc., a publicly traded company, issued 4,700 preferred shares for cash of $30 per share. On April 20, when the shares were trading at $36, the company issued an additional 3,000 preferred shares in exchange for land with a fair value of $112,000. (a) Your answer is partially correct. Prepare the journal entries for each transaction. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Debit Credit Mar. 8 ✓ Cash April 20 ✓ Land
On March 8, Crane inc., a publicly traded company, issued 4,700 preferred shares for cash of $30 per share. On April 20, when the shares were trading at $36, the company issued an additional 3,000 preferred shares in exchange for land with a fair value of $112,000. (a) Your answer is partially correct. Prepare the journal entries for each transaction. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Debit Credit Mar. 8 ✓ Cash April 20 ✓ Land
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On March 8, Crane inc., a publicly traded company, issued 4,700 preferred shares for cash of $30 per share. On April 20, when the
shares were trading at $36, the company issued an additional 3,000 preferred shares in exchange for land with a fair value of
$112,000.
(a)
Your answer is partially correct.
Prepare the journal entries for each transaction. (List all debit entries before credit entries. Record journal entries in the order presented
in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter O for the amounts.)
Date
Account Titles
Debit
Credit
Mar. 8
✓
Cash
April 20 ✓
Land
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