Unformatted text preview: 4) The company issues 500 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $55 per share. Instructions Prepare the general journal entries necessary to record these transactions. No entries land 600000 Common stock 50000 Additional paid-in capital 550000 cash 700000 Preferred stock 500000 Additional paid-in capital 200000 AP 27500 Common stock 2500 Additional paid-in capital 25000 Page 1...
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- Spring '09
- Accounting, Additional Paid-in Capital