ICOT Industries issued 27 million of its $1 par common shares for $488 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $2 million.

Question

07-03-2020
Business

contestada

ICOT Industries issued 27 million of its $1 par common shares for $488 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $2 million.

Respuesta :

Otras preguntas

Why did Columbus believe he had reached Asia when he had actually traveled less than halfway there? a. He met people who spoke Arabic. b. Columbus believed th

Which events led to change in Europe and Asia during the late Middle Ages? Choose all answers that are correct. a. Fewer people lived in cities or towns, so fa

If a is an integer, when is a/b always equal to an integer?

$420 for 15 tickets = ?

Which of the following is considered a hypothesis as opposed to an observation

Compared to "In trying times" the diction of "Girls can we educate we dads?" is more 1.) emotional 2.) abstract 3.) dejected 4.) informal

what is the answer to this equation 2 + 1/6y = 3x + 4

What is -3.75 in the simplest form

Which events led to change in Europe and Asia during the late Middle Ages? Choose all answers that are correct. a. Fewer people lived in cities or towns, so fa

How to factorise 4a2 - 12b

yahayadanjuma55 yahayadanjuma55 · Answer 1 · 2020-03-07T06:06:41+01:00

To prepare the journal entry to record the issuance of the shares. Costs being reduce by the stock issue is the amount that is otherwise recorded as PIC in excess of par. Therefore

Cash 424

Common stock (15 million x $1) 15

PIC in excess of par(Plug) 409

(to record the sale of the stock)

PIC in excess of par 2

(to record the stock issue costs)

Note: These two entries can also be combined as one.