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Major Sports plans to raise $5,000,000 in an initial public offering of its common stock. The company is considering three options: a. Issue 100,000 shares

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Major Sports plans to raise $5,000,000 in an initial public offering of its common stock. The company is considering three options: a. Issue 100,000 shares of $1 par value common stock for $50 per share. b. Issue 500,000 shares of $1 par value common stock for $10 per share. c. Issue 1,000,000 shares of $1 par value common stock for $5 per share. Required: Record the issuance of common stock for each option. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet Issue 100,000 shares of $1 par value common stock for $50 per share. Note: Enter debits before credits. a. Issue 100,000 shares of $1 par value common stock for $50 per share. b. Issue 500,000 shares of $1 par value common stock for $10 per share. c. Issue 1,000,000 shares of $1 par value common stock for $5 per share. Required: Record the issuance of common stock for each option. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet Issue 500,000 shares of $1 par value common stock for $10 per share. Note: Enter debits before credits. Major Sports plans to raise $5,000,000 in an initial public offering of its common stock. The company is considering three options: a. Issue 100,000 shares of $1 par value common stock for $50 per share. b. Issue 500,000 shares of $1 par value common stock for $10 per share. c. Issue 1,000,000 shares of $1 par value common stock for $5 per share. Required: Record the issuance of common stock for each option. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet Issue 1,000,000 shares of $1 par value common stock for $5 per share. Note: Enter debits before credits

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