Question: Munsters Inc. issued all its shares during 2017 and reported the following on its balance sheet at December 31, 2017: Common shares, Authorized: ................... 5,000

Munsters Inc. issued all its shares during 2017 and reported the following on its at December 31, 2017:
Common shares, Authorized: ................... 5,000 shares
Issued and outstanding: 3,000 shares ........... $ 2,900
Retained earnings .................................. 49,000
Journalize the company's issuance of the shares for cash on July 3.

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