F H Module 11 Checkpoint #1 Name Podem Barney Corporation was authorized to issue 250.000 shares of common stock. REQUIRED: Give the general journal entry required to record the issue of the shares in each of the following independent cases. 60.000 shares of common stock are issued for 12 cash. The par value is $10 per share. Account Titles DR CR 60.000 shares of stock were issued for $12 per share cash. The stated value is $3 per share. Account Titles DR CR 3 3 C. 60.000 shares of stock were issued for $12 per share cash. The stock has no par or stated value. Account Tilles DR CR 1 3 4 5 Prodem E 6 Wilma Corporation was authorized to issue 200.000 shares of $9-par value common stock 7 and 50.000 shares of $120-par value preferred stock. 8 REQUIRED: 9 4. Give the general journal entries required to record the following transactions for Vilma Corporation. 0 1. Issued 30 000 shares of common stock for $14 per share cash. 1 Account Titles DR CR -3 5 6 2. Issued 15,000 shares of common stock in exchange for land. On the date of the exchange, the common stock had a market price of $17 per share. Account Titles DR 0 3. Issued 50,000 shares of preferred stock for $128 per share cash. 14 Account Titles DR CR 15 16 7 8 19 50 .continued) 4. Issued 40 000 shares of common stock for:19 per share oash. 52 Account Titles DR 55 56 59 B. 61 Answer the following questions based on your journal entries in Part A. 1. How many shares of common stock are outstanding? 2. How many shares of preferred stock are outstanding? 3. What is the the total legal capital? 4. What is the total paid-in capital? CE