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Homework answers / question archive / The following was in the financial press pertaining to Jackson International Incorporated:   April 1, 2015—Jackson International stock was sold for $26 per share during its opening day of trading Jackson International sold 23 million shares at its IPO   1) Record the issuance of stock, assuming the common stock had a par value of $2 per share (Journal entry)

The following was in the financial press pertaining to Jackson International Incorporated:   April 1, 2015—Jackson International stock was sold for $26 per share during its opening day of trading Jackson International sold 23 million shares at its IPO   1) Record the issuance of stock, assuming the common stock had a par value of $2 per share (Journal entry)

Accounting

The following was in the financial press pertaining to Jackson International Incorporated:

 

April 1, 2015—Jackson International stock was sold for $26 per share during its opening day of trading Jackson International sold 23 million shares at its IPO

 

1) Record the issuance of stock, assuming the common stock had a par value of $2 per share (Journal entry)

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Bank a/c                      Dr (23*26)  $          598  
     To Equity share capital (23*2)    $            46
     To Security premium (23*24)    $          552
(Being equity share issued at premium)    

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