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Sagot :
Answer and Explanation:
The journal entries are shown below:
On March 2
Incorporation expense Dr $39,600
To Common stock (5,000 × $7) $35,000
To Additional paid in capital $4,960
(being incorporation expense is recordeD)
On June 12
Cash Dr $519,100
To Common stock (63,400 × $7) $443,800
To Additional paid in capital $75,300
(being issuance of the common stock is recorded)
On July 11
Cash Dr (2,175 × $130) $282,750
To Preferred stock (2,175 × $110) $239,250
To Additional paid in capital $43,500
(being issuance of the preferred stock is recorded)
On Nov 28
Treasury stock Dr $83,500
To Cash $83,500
(being cash paid is recorded)
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