Answer:
=IF(C5>35000,IF(C5>25000<35000,IF(C5<25000,0.05*C5),0.04*C5),0.02*C5)
Explanation:
The formula to be placed in cell C8 is provided below :
=IF(C5>35000,IF(C5>25000<35000,IF(C5<25000,0.05*C5),0.04*C5),0.02*C5)
The cell will calculate the bonus according to the given data, the given data is placed in the cell using IF formula. The formula starts with = and then writing IF then applying all the terms.
Answer:
The journal entry for J. Laney. to record this transaction is:
Legal Expenses $13,920 (debit)
Common Stock $2,900 (credit)
Share Premium $11,020 (credit)
Explanation:
The Common Stocks are carried at par value of $1. This means that any price paid in excess of the par value is accounted for in the Share Premium Account.
The Common stocks issued are measured at the price required to settle the legal expenses and are paid in excess of par value of $1.
Share Premium = ($4.80 - $1.00) × 2900 shares
= $3.80 × 2,900
= $11,020
Usually deposits go to making loans