Question: On February 1 Excel Corporation issued 37 500 common shares for
On February 1, Excel Corporation issued 37,500 common shares for $252,440 cash. On February 12, an additional 47,000 common shares were issued for cash of $7.25 per share. Present the entries to record these transactions and calculate the average issue price per common share.
Relevant QuestionsEach of these entries was recently recorded by a different corporation. Provide an explanation for the transaction described by eachentry.Peter Puck Inc. showed the following adjusted information on May 31, 2014, its second year-end:a. Prepare the appropriate closing entries.b. Prepare a statement of changes in equity for the year ended May 31, 2014. No ...Mainland Resources Inc. began operations on June 5, 2014. Journalize the following equity transactions that occurred during the first month ofoperations:Cableserve Inc. has the following outstanding shares:15,000 shares, $5.40 cumulative preferred35,000 shares, commonDuring 2014, the company declared and paid $180,000 in dividends. Dividends were in arrears for the previous ...Hammond Manufacturing Inc. was legally incorporated on January 2, 2014. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.40 non-cumulative preferred ...
Post your question