A company is authorized to issue 750,000 shares of $2 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations:
Jan. 10 Sold 102,000 shares of common stock for $8 cash per share.
15 Exchanged 10,000 shares of common stock for equipment with a market value of $70,000.
Feb. 1 Exchanged 500 shares of common stock for $3,000 of legal services incurred during the company's organization.

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The Answer of A company is authorized to issue 750,000 shares of $2 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations:
Jan. 10 Sold 102,000 shares of common stock for $8 cash per share.
15 Exchanged 10,000 shares of common stock for equipment with a market value of $70,000.
Feb. 1 Exchanged 500 shares of common stock for $3,000 of legal services incurred during the company's organization.

A Company Is Authorized to Issue 750,000 Shares of $2