Lily Corporation issued 5,400 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) The stock had a par value of $5 per share and was issued for a total of $68,000. The stock had a stated value of $5 per share and was issued for a total of $68,000. The stock had a par value of $5 per share and was issued to attorneys for services duri The stock had a par value of $5 per share and was issued for land worth $68,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Lily Corporation issued 5,400 shares of stock.
Prepare the entry for the issuance under the following assumptions. (List all debit entries before
credit entries. Credit account titles are automatically indented when amount is entered. Do not indent
manually.)
(a)
(b)
(c)
(d)
The stock had a par value of $5 per share and was issued for a total of $68,000.
The stock had a stated value of $5 per share and was issued for a total of $68,000.
The stock had a par value of $5 per share and was issued to attorneys for services duri
The stock had a par value of $5 per share and was issued for land worth $68,000.
Transcribed Image Text:Lily Corporation issued 5,400 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) The stock had a par value of $5 per share and was issued for a total of $68,000. The stock had a stated value of $5 per share and was issued for a total of $68,000. The stock had a par value of $5 per share and was issued to attorneys for services duri The stock had a par value of $5 per share and was issued for land worth $68,000.
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