VIP Corporation's first year of operations had the following transactions: 2020 Jan. 15 Issued 2,000 common shares to the corporation's promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $31,000. Feb. 21 12,500 common shares were issued for cash of $14 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $108, 100. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $310,000, $415,000, and $107,000, respectively. Required: Prepare journal entries.

VIP Corporation's first year of operations had the following transactions: 2020 Jan. 15 Issued 2,000 common shares to the corporation's promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $31,000. Feb. 21 12,500 common shares were issued for cash of $14 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $108, 100. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $310,000, $415,000, and $107,000, respectively. Required: Prepare journal entries.

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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