Question
Exercise 13-3 Recording stock issuances LO P1 Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 10,000 shares
Exercise 13-3 Recording stock issuances LO P1
Prepare journal entries to record the following four separate issuances of stock. |
1. | A corporation issued 10,000 shares of $20 par value common stock for $240,000 cash. |
2. | A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,500. The stock has a $1 per share stated value. |
3. | A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,500. The stock has no stated value. |
4. | A corporation issued 2,500 shares of $75 par value preferred stock for $244,000 cash. |
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