Penne Pharmaceuticals sold 3 million shares of its $5 par common stock to provide funds for...

 

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Penne Pharmaceuticals sold 3 million shares of its $5 par common stock to provide funds for research and development. If the issue price is $17 per share, what is the journal entry to record the sale 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).) View transaction list Journal entry worksheet 1 Record the sale of the shares. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general Journal Penne Pharmaceuticals sold 3 million shares of its $5 par common stock to provide funds for research and development. If the issue price is $17 per share, what is the journal entry to record the sale 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).) View transaction list Journal entry worksheet 1 Record the sale of the shares. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general Journal

Answer rating: 100% (QA)

Particulars Common stock 3 mil... View the full answer