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ICOT Industries issued 24 million of its $1 par common shares for $476 million on April...

ICOT Industries issued 24 million of its $1 par common shares for $476 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $3 million. Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Record the issuance of the shares.

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Answer #1
Date Account titles and explanation Debit Credit
April 11 Cash (476-3) 473
Common stock (24*1) 24
Paid in capital in excess of par value - Common stock 449
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