During its first year of operatlons, Cullumber Corporation had the following transactions pertaining to its common stock.

Jan. $10$ Issued $63,000$ shares for cash at $$7$ per share.

tuly $1$ Issued $53,000$ shares for cash at $$10$ per share.

$($a$)$

Your answer is correct.

Journalize the transactions, assuming that the common stock has a par value of $$7$ per thare. ficcend jourrilleitries in the order presented in the problem. List oll debit enties before credit entries. Creait occount titles are qubornatioaly indented when the anounitisi entered. Do not indert manually. Mr no entry ls required, select $"$No Entr" for the ocoount tites and eritur of for the anvtants.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[Jan10,vv,$cash,$44\mathrm{.}000,],[,$Comrion stock,,$],[,$Cash,Hspopo,$],[,$Common Stock,mitit,$],[,$Paid in Capital in Excess of Par Value Common Stocit,,$]]$

Attempts: $1$ of $2$ used

$($b$)$

Your answer is correet:

Journalize the transactions, assuming that the common stock is no$-$par with a stated value of $$4$ per share. $($Record joumal enties in the arder presented hathe problen. Libe ail debili entries before credit entries. Credit account tilles are automatically indented when the

Attempts: $2$ of $2$ used

$($c$)$

Compare the effect the two Jan. $10$ transactions would have on Cullumber's assets. liabilities, stockholders' equity, and net income.

Both Jan. $10$ transactions would $$ assets and increase stockholders equity by $

There is $$ an net income.

$$

Attempts: $0$ of $2$ used