Solution:
Journal entry:
Debit | Credit | |
Cash (3 million * $17.75) | 53,250,000 | |
Common stock (3 million * $0.05) | 150,000 | |
Paid-in capital - excess of par | 53,100,000 |
The following is a news item reported by Reuters: WASHINGTON, Jan 29 (Reuters)-Knowlton Medical Group, a...
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