Chaney Corporation Issued 20,000 Shares of Common Stock on January $$\begin{array} { | l | l | l | } \hline \quad\quad\quad\quad\quad& \quad\quad&\quad\quad \\\hline & & \\\hline & & \\\hline\end{array}$$

question 112

Essay

Chaney Corporation issued 20,000 shares of common stock on January 1, 2014. The stock has par value of $1.00 per share and was sold at $30 per share. Please provide the journal entry for this transaction.
$$\begin{array} { | l | l | l | } \hline \quad\quad\quad\quad\quad& \quad\quad&\quad\quad \\\hline & & \\\hline & & \\\hline\end{array}$$

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Definitions:

Bagels

A dense, chewy, doughnut-shaped bread product, often enjoyed as a breakfast item and can be topped with various ingredients.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its competitors.

Assembling

The process of putting together parts or components to build a product or structure.

Swing Sets

Outdoor play equipment consisting of a frame from which swings are suspended, commonly found in playgrounds and backyards.