410 week 2 - Question 1 During its first year of operations Collin Raye Corporation had the following transactions pertaining to its common stock Jan 10

410 week 2 - Question 1 During its first year of operations...

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Question 1During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.Jan. 10Mar. 11-JulSept. 1(a)(b)(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accoua)Issued 80,000 shares for cash at $6 per share.Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate.Issued 30,000 shares for cash at $8 per share.Issued 60,000 shares for cash at $10 per share.Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share.
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unt titles and enter 0 for the amounts.)
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Question 2123(a)Prepare the journal entry to record item 1.(b)Prepare the journal entry to record item 2.(c)Prepare the journal entry to record item 3 using the cost method.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theDateLindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par value common stock. During 2014, Lindsey Hunter took part in the following selected tranIssued 5,000 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,000.Issued 1,000 shares of stock for land appraised at $50,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance.Purchased 500 shares of treasury stock at $43 per share. The treasury shares purchased were issued in 2010 at $40 per share.
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