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Sheffield Corp., a private corporation, received its articles of incorporation on January 3, 2021 It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year: Jan. 12 Issued 50,000 common shares for $5 per share. 24 Issued 950 common shares in payment of a $4,450 bill for legal services. July 11 Issued 1.000 preferred shares for $25 per share. Oct. 1 Issued 10,000 common shares in exchange for land. The land's fair value was estimated to be $54,800. Sheffield's accountant estimated that the fair value of the shares issued might be as high as Só per share. Journalize the share transactions. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record issuance of shares.) (To record issuance of shares.)

Sheffield Corp., a private corporation, received its articles of incorporation on January 3, 2021 It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year: Jan. 12 Issued 50,000 common shares for $5 per share. 24 Issued 950 common shares in payment of a $4,450 bill for legal services. July 11 Issued 1.000 preferred shares for $25 per share. Oct. 1 Issued 10,000 common shares in exchange for land. The land's fair value was estimated to be $54,800. Sheffield's accountant estimated that the fair value of the shares issued might be as high as Só per share. Journalize the share transactions. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record issuance of shares.) (To record issuance of shares.)

FINANCIAL ACCOUNTING
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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(To record issuance of shares.) (To record issuance of shares.) (To record issuance of shares.) eTextbook and Media List of Accounts Question Part Score --/9 Calculate the average per share amount for the common shares. (Round answer to 2 decimal places, eg. 52.76.) Average cost
Transcribed Image Text:(To record issuance of shares.) (To record issuance of shares.) (To record issuance of shares.) eTextbook and Media List of Accounts Question Part Score --/9 Calculate the average per share amount for the common shares. (Round answer to 2 decimal places, eg. 52.76.) Average cost
Sheffield Corp., a private corporation, received its articles of incorporation on January 3, 2021 It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year: Jan. 12 Issued 50,000 common shares for $5 per share. 24 Issued 950 common shares in payment of a $4,450 bill for legal services. July 11 Issued 1.000 preferred shares for $25 per share. Oct. 1 Issued 10,000 common shares in exchange for land. The land's fair value was estimated to be $54,800. Sheffield's accountant estimated that the fair value of the shares issued might be as high as Só per share. Journalize the share transactions. (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 Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record issuance of shares.) (To record issuance of shares.)
Transcribed Image Text:Sheffield Corp., a private corporation, received its articles of incorporation on January 3, 2021 It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year: Jan. 12 Issued 50,000 common shares for $5 per share. 24 Issued 950 common shares in payment of a $4,450 bill for legal services. July 11 Issued 1.000 preferred shares for $25 per share. Oct. 1 Issued 10,000 common shares in exchange for land. The land's fair value was estimated to be $54,800. Sheffield's accountant estimated that the fair value of the shares issued might be as high as Só per share. Journalize the share transactions. (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 Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record issuance of shares.) (To record issuance of shares.)
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