Prepare jounal entries to record the following four separate issuances of stock
ID: 2588618 • Letter: P
Question
Prepare jounal entries to record the following four separate issuances of stock 1 A corporation issued 2.000 shares of $5 par value common stock for $12,000 cash 2 A corporation issued 1,000 shares of no-par common stock $40,000. The stock has a $4 per share stated value. $40,000. The stock has no stated value to its promoters in exchange for their efforts, estimated to be worth common stock to its promoters in exchange for their efforts, estimated to be worth 3. A corporation issued 1000 shares of no par 4. A corporation issued 500 shares of $75 par value preferred stock for $77,500 cash View transaction list Journal entry worksheet Record the issue of 500 shares of $75 par value preferred stock for $77,500 cash. Note: Enber debits before credts Record entry Clear entry Prex 1016 Next >Explanation / Answer
4 Cash 77500 Preferred stock 37500 =500*75 Paid in capital in excess of par-Preferred stock 40000