Issuing Common Stock Palan Products Inc. sold 46,750 shares of common stock to stockholders at the time of its incorporation. Palan received $48 per share for the stock. Required: 1. Assume that the stock has a $16 par value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank. Cash Common Stock Additional Paid-In Capital-Common Stock Feedback Check My Work 1. When companies sell common or preferred stock to raise capital, the resulting ownership claims are recorded in the capital stock section of stockholders' eq 2. Assume that the stock has a $9 stated value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank. 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. If an amount box does not require an entry, leave it blank. 88 Feedback Check My Work 3. When companies sell common or preferred stock to raise capital, the resulting ownership claims are recorded in the capital stock section of stockholders' eq < 4. Conceptual Connection: How do the different par values affect total contributed capital and total stockholders' equity? The different par values have on total capital stock or total stockholders' equity. Feedback Check My Work 4. Consider how the accounts in the different journal entries affect stockholders' equity