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QS 11-5 Issuance of common stock LO P1 Prepare the issuer's journal entry for each of the following separate transactions. On March 1, Atlantic Co.

QS 11-5 Issuance of common stock LO P1

Prepare the issuer's journal entry for each of the following separate transactions.

  1. On March 1, Atlantic Co. issues 47,000 shares of $3 par value common stock for $311,000 cash.
  2. On April 1, OP Co. issues no-par value common stock for $79,000 cash.
  3. On April 6, MPG issues 2,900 shares of $20 par value common stock for $48,000 of inventory, $180,000 of machinery, and acceptance of a $98,000 note payable.

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