00:01
Hello students, let us solve the problem.
00:03
There is a transaction happened with l.
00:06
Lewis corporation.
00:07
So, on jan 31st, they issued $100 ,000 per 10 per value.
00:13
Common stock is 25 per share and february 10th issued 6 ,000 shares at 10 per value.
00:19
Common stock in exchange of special purpose equipment.
00:22
So, we have to find out the common stock has been actively traded the stock exchange of $30 per share.
00:28
So, let us start doing the journal entry.
00:36
So, the format of journal entry is date, particulars, debit and credit.
00:46
So, our first transaction happens on jan 3rd.
00:52
It is cash, return, cash account comes to return.
01:00
So, $100 ,000 of share at $25.
01:10
So, which gives us $2 ,500 ,000 to common stock...