ICOT Industries issued 27 million of its $1 par common shares for $488 million on April...

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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. 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., 10,000,000 should be entered as 10).) Answer is complete but not entirely correct. No Event General Journal Debit Credit 1 Cash 488 X Common stock 27 O Paid-in capital - excess of par 461 X 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. 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., 10,000,000 should be entered as 10).) Answer is complete but not entirely correct. No Event General Journal Debit Credit 1 Cash 488 X Common stock 27 O Paid-in capital - excess of par 461 X

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