Question

chapter 20

Tridint Corporation is authorized to issue 100,000 shares of $5 par value common stock. The shares of stock are

not publicly traded. During 2020, the company completed the following transactions

Jan. 8, 2020 Issued 40,000 shares of common stock at $12 per share.

Jan. 30, 2020 Issued 10,500 shares of common stock in exchange for equipment with

an appraised value of $136,500.

Required

a. Prepare the journal entry on January 8, 2020.

b. Prepare the journal entry on January 30, 2020.

c. Would the answer to part b change if the stock were traded on a registered stock exchange at $14 per share

on January 30, 2020? If yes, prepare the journal entry on January 30, 2020


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