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Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Co. issues 50,000 shares of $5 par value
Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Co. issues 50,000 shares of $5 par value common stock for $320,000 cash. April 1, OP Co. issues no-par value common stock for $85,000 cash sues 3,500 shares of $25 par value common stock for $54,000 of inventory, $160000 of machinery and acceptance of a $90,000 note payable. View transaction list Import a new list 1 Record the issuance of 50,000 shares of $5 par value common stock for $320,000 cash. or 2 Record the issuance of no-par value common stock for $85,000 cash. Record the issuance of 3,500 shares of $25 par value common stock for $54,000 of inventory, $160,000 of machinery, and acceptance of a $90,000 note payable. 3 Credit
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