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Exercise 11-1

 

 

 

 

Your answer is correct.

 

 

During its first year of operations, Pele Corporation had these
transactions pertaining to its common stock.

Jan. 10

 

Issued 28,420 shares for cash at $6 per
share.

July 1

 

Issued 55,730 shares for cash at $8 per
share.

 

(a)

 

Journalize the transactions, assuming that the common stock has
a par value of $6 per share.

(b)

 

Journalize the transactions, assuming that the common stock is
no-par with a stated value of $1 per share.

(Record entries in the order displayed in the problem
statement. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
 

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