Question: During its first year of operations, Pharoah Corporation had the following transactions pertaining to its common stock.
Jan. 10 Issued 80,400 shares for cash at $7 per share.
Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $36,500 for services rendered in helping the company to incorporate.
July 1 Issued 33,000 shares for cash at $9 per share.
Sept. 1 Issued 63,100 shares for cash at $11 per share.
Required:
Q1. Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.
Q2. Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 per share.
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