Penne Pharmaceuticals sold 8 million shares of its $1 par common stock to provide funds for research

Question:

Penne Pharmaceuticals sold 8 million shares of its $1 par to provide funds for research and development. If the issue price is $12 per share, what is the journal entry to record the sale of the shares?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...