Issuing Common Stock

Valdez Manufacturing sold $21,600$ shares of common stock to stockholders at the time of its incorporation. Valdez received $$24\mathrm{.}40$ per share for the stock.

Required:

Assume that the stock has a $$20$ 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.

Assume that the stock has a $$15$ 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.

Alpha$-$numeric input field

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.

Conceptual Connection: How do the different par values affect total contributed capital and total stockholders' equity?

The different par values

total capital stock or total stockholders' equity.