A Company Is Authorized to Issue 750,000 Shares of $5

question 165

Essay

A company is authorized to issue 750,000 shares of $5 par value common stock.Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations:
$\begin{array}{|c|l}\hline \text { Jan. 10 } & \text { Sold 102,000 shares of common stock for } \$ 8 \text { cash per share. } \\\hline 15 & \begin{array}{l}\text { Exchanged 10,000 shares of common stock for equipment with a market value of } \\\$ 80,000\end{array} \\\hline \text { Feb. 1 } & \begin{array}{l}\text { Exchanged } 500 \text { shares of common stock for } \$ 3,000 \text { of legal services, incurred } \\\text { during the company's organization. }\end{array} \\\hline\end{array}$

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Definitions:

Deadline Time

The specific time or date by which a task or project needs to be completed.

Thrill Of The Hunt

The excitement or pleasure derived from searching for and acquiring items, particularly those that are rare, challenging to find, or bargains.

Emotional States

Temporary conditions of feeling or affect that influence individuals' perceptions, decision-making processes, and behaviors.

Pleasure And Arousal

These terms refer to emotional states that can influence consumer behavior, with pleasure relating to feelings of happiness and satisfaction, and arousal to the level of excitement and stimulation.