Question: On January 1 201X Hazel Corporation issued on a subscription
On January 1, 201X, Hazel Corporation issued on a subscription basis 990 shares of $49 par value common stock at $85 per share. Two equal installments were to be made on July 1 and December 31. Prepare the appropriate journal entries on January 1, July 1, and December 31 to record this stock subscription for Hazel Corporation.
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