Prepare the issuer\'s journal entry for each of the following separate transacti

Question

Prepare the issuer's journal entry for each of the following separate transactions a. On March 1, Atlantic Co. issues 48,500 shares of $3 par value common stock for $315,500 cash. b. On April 1, Antigo Company issues no-par value common stock for $82,000 cash. c. On April 6, MPG issues 3,200 shares of $25 par value common stock for $51,000 of inventory, $160,000 of machinery, and acceptance of a $101,000 note View transaction list Journal entry worksheet 3 Record the issuance of 48,500 shares of $3 par value common stock for $315,500 cash. Note: Enter debits before credits Transactio General Journal DebitCredit

Explanation / Answer

Mar-01 Cash 315500       Common stock, $3 par value 145500        Paid-in captial in excess of par value, common stock 170000 Apr-01 Cash 82000         Common stock, no-par value 82000 Apr-06 Inventory 51000 Machinery 160000         Note payable 101000       Common stock, $25 par value 80000        Paid-in captial in excess of par value, common stock 30000

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