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Prepare journal entries to record each of the following four separate issuances of stock. A corporation issued 8,000 shares of $20 par value common stock
Prepare journal entries to record each of the following four separate issuances of stock.
- A corporation issued 8,000 shares of $20 par value common stock for $192,000 cash.
- A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,500. The stock has a $1 per share stated value.
- A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,500. The stock has no stated value.
- A corporation issued 2,000 shares of $75 par value preferred stock for $180,500 cash.
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