ezto.mheducation.com Chapter 18 HW Chegg Study 10.00 points ICOT Industries issu

Question

ezto.mheducation.com Chapter 18 HW Chegg Study 10.00 points ICOT Industries issued 25 million of its $1 par common shares for $480 milion on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $4 milion. Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction event, select "No journal entry required" in the first account field. Enter your answers in millions ie., 10,000,000 should be entered as 10) View transaction list Journal entry worksheet Record the issuance of the shares. Note: Enter debits before creds Event General Journal Debit Credit Record entry Clear entry View general journal 0

Explanation / Answer

18.

Journal entry:

Debit

In millions

credit

In millions

Event General journal

Debit

In millions

credit

In millions

1. Cash(480-4) $476 Common stock(25 ×$1) $25 Paid in capital in excess of par(Balance amount) $451

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