On March 1, Marigold Inc sells 1,400 common shares to its employees at $26 per share and lends the money to the employees to buy the new shares in exchange for a note receivable The employees pay 45 of the price on the transaction date and pay the balance in one year.

Required

Prepare the Company's necessary Journal Entry on March 1. ( Credit account titles are automatically indented when the amount is entered. Do not indent Manually)

Answer rating: 100% (QA)

Journal entry on March 1 Dr Note Rece... View the full answer