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Prepare the issuer's journal entry for each of the following separate transactions. On March 1, Atlantic Co. issues 51,500 shares of $4 par value common

Prepare the issuer's journal entry for each of the following separate transactions. On March 1, Atlantic Co. issues 51,500 shares of $4 par value common stock for $324,500 cash. On April 1, OP Co. issues no-par value common stock for $88,000 cash. On April 6, MPG issues 3,800 shares of $20 par value common stock for $57,000 of inventory, $175,000 of machinery, and acceptance of a $93,000 note payable.

No Transaction General Journal Debit Credit
1 a. Cash 324,500
Common stock, $4 par value 206,000
Paid-in capital in excess of par value, common stock 118,500
2 b. Cash 88,000
Common stock, no-par value 88,000
3 c. Inventory 57,000
Machinery 175,000
Note payable 93,000

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