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Question

$1.00 Finney Corporation is authorized to issu

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  • Due on Apr. 02, 2011
  • Asked on Mar 31, 2011 at 4:45:21PM
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Enad
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Q:
Finney Corporation is authorized to issue 1,000,000 shares of $2 par value common stock. During 2011, its first year of operation, the company has the following stock transactions 1. Jan.15: Issued 500,000 shares of stock at $7 per share 2. Jan. 30: Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $5,000. 3. July 2: Issued 100,000 shares of stock for land. The land had a asking price of $900.000. The stock is currently selling on a national exchange at $8 per share. Instructions: Journalize the transactions for Finney Corporation
 

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JOURNAL ENTERIES
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  • Posted on Mar 31, 2011 at 5:02:34PM
Posted by :
SoftwareMaster
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A:
Preview: ...                 Premium on share                                                           2,500,000                   Share Capital                                                                   1,000,000 2) Jan30 Legal Service ...
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