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Prepare journal entry to record selectist company issuance

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Reference no: EM131534355

Question: 1. Prepare the journal entry to record Channel One Company's issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for:

a. $0.50 cash per share.

b. $2 cash per share.

2. Prepare the journal entry to record Selectist Company's issuance of 104,000 shares of no-par value common stock assuming the shares:

a. Sell for $15 cash per share.

b. Are exchanged for land valued at $1,560,000.

Reference no: EM131534355

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