When companies offer new equity security issues, they publicize the offerings in the financial press and on
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New Securities Issues
Equity
American Materials Transfer Corporation (AMTC)-7.5 million common shares, $.001 par, priced at $13.546 each through underwriters led by Second Tennessee Bank N.A. and Morgan, Dunavant & Co., according to a syndicate official.
Proactive Solutions Inc. (PSI)-Offering of 9 million common shares, $0.01 par, was priced at $15.20 a share via lead manager Stanley Brothers, Inc., according to a syndicate official.
Required:
Prepare the appropriate journal entries to record the sale of both issues to underwriters. Ignore share issue costs.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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