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

Rodriguez Corporation issues 10,000 shares of its common stock for $210,700 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.

1. The stock has a $18 par value.
2. The stock has neither par nor stated value.
3. The stock has a $9 stated value.

Journal entry

• Record the issue of 10,000 shares of $18 par value common stock for $210,700 cash.

• Record the issue of 10,000 shares of no-par, no-stated value common stock for $210,700 cash.

• Record the issue of 10,000 shares of $9 stated value common stock for $210,700 cash.