Prepare the issuers journal entry for each of the following separate transactions a On March 1, Atlantic Co issues 42,500 shares of $4 par value common stock for $297,500 cash b On April 1, OP Co issues no par value common stock for $70,000 cash c On April 6, MPG issues 2,000 shares of $25 par valu...

a Mar 1 Cash 297500 Common Stock 4 Par Value 170000 PaidIn Capital in Excess of Par Value Comm ...

Prepare the issuers journal entry for each of the following separate transactions. a. On March 1, Atlantic

Question:

Prepare the issuer’s journal entry for each of the following separate transactions.
a. On March 1, Atlantic Co. issues 42,500 shares of $4 for $297,500 cash.
b. On April 1, OP Co. issues no-par value for $70,000 cash.
c. On April 6, MPG issues 2,000 shares of $25 for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable.
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... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...