Exercise 11-1

During its first year of operations, Flounder Corp. had these transactions pertaining to its common stock.

Jan. 10Issued25,500shares for cash at $6per share.July 1Issued52,500shares for cash at $8per share.

(a)Journalize the transactions, assuming that the common stock has a par value of $6per share.(b)Journalize the transactions, assuming that the common stock is no-par with a stated value of $1per share.

(Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)