On 1 July 2023, Coastalwatch Ltd issued 5 million shares at $5.00 each. All of the shares

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On 1 July 2023, Coastalwatch Ltd issued 5 million shares at $5.00 each. All of the shares were subscribed for. Coastalwatch Ltd incurred the following costs that were associated with the share issue:

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Prepare the journal entries necessary to account for the issue of the shares.

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Financial Accounting

ISBN: 9781743767382

9th Edition

Authors: Craig Deegan

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Question Posted: Sep 15, 2023 03:02 PM

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On 1 July 2023, Coastalwatch Ltd issued 5 million shares at $5.00 each. All of the shares

Question:

Advertising of share issue and prospectus Accounting fees associated with drafting of prospectus Legal expenses associated with share issue $ 10 000 4000 5000

Step by Step Answer:

Journal entries 1 July 2023 Dr Bank trust Cr Application Dr Cr Dr Cr 25 000 000 to recognise the ...View the full answer

Financial Accounting

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