QS 13-10 Issuance of preferred shares in exchange for land LO³ On October 3, 2014, Allarco Inc. issued 4,000 of its preferred shares for cash of $15 each. On November 19 the company issued 3,400 preferred shares in exchange for land with a fair market value of $52,480. a. Prepare the entries for October 3 and November 19. b. Calculate the average issue price per preferred

QS 13-10 Issuance of preferred shares in exchange for land LO³ On October 3, 2014, Allarco Inc. issued 4,000 of its preferred shares for cash of $15 each. On November 19 the company issued 3,400 preferred shares in exchange for land with a fair market value of $52,480. a. Prepare the entries for October 3 and November 19. b. Calculate the average issue price per preferred

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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