ISSUING COMMON STOCK Thoman Products, Inc., sold 21,250 shares of common stock to stockholders at the time of its incorporation. Thoman received $24.40 per share for the stock.

Required:

. Assume that the stock has a $20 par value per share. Prepare the journal entry to record the sale and issue of the stock.

. Assume that the stock has a $15 stated value per share. Prepare the journal entry to record the sale and issue of the stock.

. Assume that the stock has no par value and no stated value. Prepare the journal entry to record the sale and issue of the stock.

Exercise