Prepare the journal entries: 1. Paid $5,000 to attorney for incorporating business 2. issued 2,000 sh...

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Prepare the journal entries: 1. Paid $5,000 to attorney for incorporating business 2. issued 2,000 sh of c/s for $50/sh. Pv is $3/sh 3. Issued 10,000 sh of c/s for land. Land's asking price is$510,000, land's selling price $490,000. stock selling for 550/sh and pv is $3/sh 4. ABC Co purchased 500 sh of c/s for treasury. PV is $3/sh and selling for $50/sh 5. ABC Co sold 250 sh of its ts from 4. above for $52/sh 6. ABC Co declared a $2 cash dividend. There are 12,000 sh o/s 7. ABC Co paid the cash dividend from 6. above 8. ABC co declared an 8% stock dividend on 12,000 o/s shares. Pv is $3/sh. Selling for $50/sh 9. issued stock dividend from 8 above 10. declared a 2:1 stock dividend. 12,960 o/s sh. 3 pv Prepare the journal entries: 1. Paid $5,000 to attorney for incorporating business 2. issued 2,000 sh of c/s for $50/sh. Pv is $3/sh 3. Issued 10,000 sh of c/s for land. Land's asking price is$510,000, land's selling price $490,000. stock selling for 550/sh and pv is $3/sh 4. ABC Co purchased 500 sh of c/s for treasury. PV is $3/sh and selling for $50/sh 5. ABC Co sold 250 sh of its ts from 4. above for $52/sh 6. ABC Co declared a $2 cash dividend. There are 12,000 sh o/s 7. ABC Co paid the cash dividend from 6. above 8. ABC co declared an 8% stock dividend on 12,000 o/s shares. Pv is $3/sh. Selling for $50/sh 9. issued stock dividend from 8 above 10. declared a 2:1 stock dividend. 12,960 o/s sh. 3 pv

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Scenario 1 Paid Attorney for Incorporation Debit Organization Cost Ac 5000 Credit Cash Ac 5000 Paid 5000 to attorney for incorporating business Scenar... View the full answer