Question: Help Save & Exit Submit Check my work ICOT Industries issued 21 million of its $1 par common shares for $464 million on April 11.

Help Save & Exit Submit Check my work ICOT Industries issued 21 million of its $1 par common shares for $464 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $4 million. Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (t.e., 10,000,000 should be entered as 10).) View transaction list cs Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

ICOT Industries issued 21 million of its $1 par common shares for $464 million on April 11 . Legal, promotional, and accounting services necessary to effect the sale cost $4 million. Required: 1....

ICOT Industries issued 1 5 million of its $ 1 par common shares for $ 4 2 4 million on April 1 1 . Legal, promotional, and accounting services necessary to effect the sale cost $ 2 million. REQUIRED:...

ICOT Industries issued 15 million of its $1 par common shares for $424 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $2 million. REQUIRED: Explain...

1) The following is a news item reported by Reuters: WASHINGTON, Jan 29 (Reuters)Wright Medical Group, a maker of reconstructive implants for knees and hips, on Tuesday filed to sell 3 million shares...

The following is a news item reported by Reuters WASHINGTON, Jan 29 (Reuters)-Knowlton Medical Group, a maker of reconstructive implants for knees and hips, on Tuesday filed to sell 3 million shares...

ICOT Industries issued 27 million of its $1 par common shares for $488 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $2 million. Required: 1....

Exercise 18-7 (Algo) Share issue costs; issuance (LO18-4) ICOT Industries issued 16 million of its $1 par common shares for $444 million on April 11. Legal, promotional, and accounting services...

ICOT Industries issued 15 million of its $1 par common shares for $424 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $2 million Required: 1....

ICOT Industries issued 20 million of its $1 par common shares for $460 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $3 million Required: 1....

ICOT Industries Issued 28 million of its $1 par common shares for $492 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $3 million Required: 1....

The decomposition of NH3 to N2 and H2 was studied on two surfaces: Without a catalyst, the activation energy is 335 kJ/ mol. a. Which surface is the better heterogeneous catalyst for the...

How many atoms of oxygen are present in the reactants of this chemical equation? Mg(OH)2 + 2 HCI MgCl2 + 2 H20 O a) o O b) 1 c) 2 d) 3 O e) 4

Using Accelerated Depreciation which of the following has primary financial advantage for the firm: Question 14 options: Cash flows are greater during early years of depreciated assets Reporting...

The first scenario will be a Verbal Judo scenario in which your scenario follows the standard Verbal Judo interaction: You need to ask somebody to modify their behavior either to do something or to...

a lack of participation in decision making and initiative by employees;

too much short-term, situational thinking, and a lack of long-term planning;

Exposure to market forces has focused attention on the cost of human resources as a high proportion of operating costs.