Accounting for Common Stock Issuance

Seven unrelated stock issue scenarios follow.

a. Issue 4,000 shares of common stock at $20 per share ($1 par). b. Issue 4,000 shares of common stock at $20 per share (no-par value). c. Issue 4,000 shares of common stock at $20 per share (no-par value), with a stated value of $1 per share. d. Issue 2,000 shares of common stock ($1 par) in exchange for equipment with a fair value of $36,000. e. Issue 1,000 shares of common stock ($1 par) and 400 shares of preferred stock ($5 par) at a price of $32,000. At the time of issuance, the market price of the common stock is $20 per share, and the market price of the preferred stock is $35 per share. f. Issue 1,000 shares of common stock ($1 par) and 400 shares of preferred stock ($5 par) at a price of $35,000. At the time of issuance, the market price of the common stock is $18 per share, and the market price of the preferred stock is unknown. g. Issue 4,000 shares of common stock at $20 per share ($1 par). Related to this transaction, the company incurred legal and administrative costs totaling $800.

Record journal entries for each of the seven separate scenarios described and dated as of January 1.

Record journal entries for each of the seven separate scenarios described and dated as of January 1