Sunday, May 29, 2022 BUSINESS ACCOUNTING 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
Sunday, May 29, 2022 BUSINESS ACCOUNTING 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
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 4PB: MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred...
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Sunday, May 29, 2022
BUSINESS ACCOUNTING
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
√x 8](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc988eab6-5929-4882-a569-1be0b82bdd17%2Fc49ed6cb-6df5-4282-9e27-6c180fe684bd%2F2tfbrvi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ANSWERED
Sunday, May 29, 2022
BUSINESS ACCOUNTING
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
√x 8
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