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QS 11-5 Issuance of common stock LO P1 Prepare the issuers 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 issuers journal entry for each of the following separate transactions.

  1. On March 1, Atlantic Co. issues 42,500 shares of $4 par value common stock for $297,500 cash.
  2. On April 1, OP Co. issues no-par value common stock for $70,000 cash.
  3. On April 6, MPG issues 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable.

  • 1

    Record the issuance of 42,500 shares of $4 par value common stock for $297,500 cash.

  • 2

    Record the issuance of no-par value common stock for $70,000 cash.

  • 3

    Record the issuance of 2,000 shares of $25 par value common stock for $45,000 of inventory, $145,000 of machinery, and acceptance of a $94,000 note payable.

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