Exercise 11-3 (Algo) Accounting for par, stated, and no-par stock issuances LO P1

Rodriguez Corporation issues 13,000 shares of its common stock for $300,400 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.

1. The stock has a $20 par value.
2. The stock has neither par nor stated value.
3. The stock has a $10 stated value.

a) Record the issue of 13,000 shares of $20 par value common stock for $300,400 cash.

b) Record the issue of 13,000 shares of no-par, no-stated value common stock for $300,400 cash.

d) Record the issue of 13,000 shares of $10 stated value common stock for $300,400 cash.