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

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E15-1 (Recording the Issuances of Common Stock) During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.
Jan. 10Issued80,000shares for cash at$6.00per share.
Mar. 1Issued5,000shares to attorneys in payment of a bill for$35,000
for services rendered in helping the company to incorporate.
July. 1Issued30,000shares for cash at$8.00per share.
Sept. 1Issued60,000shares for cash at$10.00per share.
 

 

 

 

Instructions:
(a) Prepare the journal entries for these transactions, assuming that the common stock has a par 
      value of$5.00per share.

 

 

(b) Prepare the journal entries for these transactions, assuming that the common stock is no par 
with a stated value of$3.00per share.
    • 11 years ago
    During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.
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