Question: Prepare in good form the journal entry to record each of the following transactions on the books of ABC. January 10, 2009: ABC is incorporated

Prepare in good form the journal entry to record each of the following transactions on the books of ABC.

January 10, 2009: ABC is incorporated by issuing $50,000 of common stock to each of the three owners.

January 12, 2009: ABC borrows $100,000 at the local bank.

January 15, 2009: ABC pays $200,000 cash to buy ten acres of land.


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