410 Week 2 Question 1 During Its First Year Of Operations Collin Raye Corporation Ha 1448384

410 WEEK 2 Question 1 During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Jan. 10Issued 80,000 shares for cash at $6 per share. Mar. 1Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate. 1-JulIssued 30,000 shares for cash at $8 per share. Sept. 1Issued 60,000 shares for cash at $10 per share. (a)Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (b)Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

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