During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 80,000 shares for cash at $6 per share. Mar. 01 Issued 5,000...


During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.

























Jan.10Issued 80,000 shares for cash at $6 per share.
Mar.01Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate.
July01Issued 30,000 shares for cash at $8 per share.
Sept.01Issued 60,000 shares for cash at $10 per share.

Instructions



a.    Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.



b.    Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share.



Jun 10, 2022
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