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Prepare the journal entries necessary

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Question - On 1 July 2018. Coastalwatch Limited issued 5 000 000 shares at $5.00 each. All the shares were subscribed for. Coastalwatch Limited incurred the following costs that were associated with the share issue:

Advertising of share issue and prospectus $10,000

Accounting fees associated with drafting of prospectus 4,000

Legal expenses associated with share issue 5,000

Required - Prepare the journal entries necessary to account for the issue of the shares.

Reference no: EM133130130

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