ICOT Industries issued 16 million of its $1 par common shares for $444 million on April...
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ICOT Industries issued 16 million of its $1 par common shares for $444 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $2 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 (i.e., 10,00,000 should be entered as 10).) View transaction list Journal entry worksheet Record the issuance of the shares. Note Enter dobits before credits ICOT Industries issued 16 million of its $1 par common shares for $444 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $2 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 (i.e., 10,00,000 should be entered as 10).) View transaction list Journal entry worksheet Record the issuance of the shares. Note Enter dobits before credits
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Date Description Debit Credit 11Apr Cash 444 Common Stock ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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