Smart Electronics Completed the Following Stock Issuance Transactions Prepare the Journal Entries to Record These Transactions

question 50

Essay

Smart Electronics completed the following stock issuance transactions:
$$\begin{array} { | l | l | } \hline&\text { Issued } 4,000 \text { shares of } \$ 3 \text { par value common stock for cash of }\\ \text { June 7 } & \$ 12 \text { per share } \\\hline \text { Aug. 16 } & \text { Issued 400 shares of no-par preferred stock for } \$ 25,000 \text { cash } \\\hline & \text { Received equipment with a market value of } \$ 75,000 \text { in } \\\text { Sept. 19 } & \text { exchange for 5,000 shares of the } \$ 3 \text { par value common stock } \\\hline\end{array}$$ Prepare the journal entries to record these transactions.Explanations are not required.

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Definitions:

Volume

The amount of three-dimensional space occupied by an object or enclosed within a container, usually measured in cubic units.

Material

A substance or mixture of substances that constitutes an object, used in the production and manufacturing of goods or constructions.

Density

A measure of mass per unit volume of a substance, often expressed in grams per cubic centimeter or kilograms per cubic meter.

Volume

The volume is the space filled by an object or substance, or the space encased by a container.