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M1_solution - X421.2 Solution for E15-2 Jan 10...

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X421.2: Solution for E15-2 Jan. 10 Cash (80,000 X $5) ...................................................................... 400,000 Common Stock (80,000 X $2) ............................................. 160,000 Paid-in Capital in Excess of Stated Value—Common Stock (80,000 X $3) ................................................................... 240,000 Mar. 1 Cash (5,000 X $108) .................................................................... 540,000 Preferred Stock (5,000 X $50) ............................................. 250,000 Paid-in Capital in Excess of Par— Preferred Stock (5,000 X $58) ......................................... 290,000 April 1 Land ................................................................................. 80,000 Common Stock (24,000 X $2) ............................................. 48,000 Paid-in Capital in Excess of Stated Value—Common Stock ($80,000 – $48,000) ......................................................... 32,000 May 1 Cash (80,000 X $7) ...................................................................... 560,000 Common Stock (80,000 X $2) ............................................. 160,000 Paid-in Capital in Excess of Stated
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