Issuing Common Stock Instructions Chart of Accounts General Journal Final Questions Instructions Carmean Products Inc. sold 37,550 shares of common stock to stockholders at the time of its incorporation. Cammean received $38 per share for the stock. Required: 1. Assume that the stock has a S22 par value per share. Prepare the journal entry to record the sale and issue of the stock 2. Assume that the stock has a 58 stated value per share. Prepare the journal entry to record the sale and issue of the stock 3. Assume that the stock has no par value and no stated value. Prepare the journal entry to record the sale and issue of the stock 4. Conceptual Connection: How do the different par values affect total contributed capital and total stockholders' equity? General Journal Shaded cells have feedback X 1. Assume that the stock has a S22 par value per share. Prepare the journal entry to record the sale and issue of the stock on December 31 General Journal Instructions Question not attempted. PAGE 1 Score: 0/37 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME Points: 017 Issuing Common Stock Instructions Chart of Accounts General Journal Final Questions General Journal Shaded cells have feedback. X 2. Assume that the stock has a S8 stated value per share. Prepare the journal entry to record the sale and issue of the stock on December 31. Question not attempted. PAGE 1 Score: 0/37 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME Points 017 3. Assume that the stock has no par value and no stated value. Prepare the journal entry to record the sale and issue of the stock on December 31 Question not attempted. PAGE 1 Score: 0/25 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME Points: Feedback