Problem 1 (10 Points) Jackson Browne Corporation is authorized to issue 1,000,000 shares of $2 par value common stock. D

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Problem 1 10 Points Jackson Browne Corporation Is Authorized To Issue 1 000 000 Shares Of 2 Par Value Common Stock D 1 (35.21 KiB) Viewed 9 times

Problem 1 (10 Points) Jackson Browne Corporation is authorized to issue 1,000,000 shares of $2 par value common stock. During 2021, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $12,000 for incorporation fees. Jan. 15 Issued 500,000 shares of stock at $8 per share. July 2 Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $7 per share. Sept. 5 Purchased 10,000 shares of common stock for the treasury at $6 per share. Dec. 6 Sold 7,000 shares of the treasury stock at $11 per share. Instructions Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation. You must show your computations to receive full credit. 11 irreases organization expense bu account and $12,000