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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.
- On March 1, Atlantic Co. issues 42,500 shares of $4 par value common stock for $297,500 cash.
- On April 1, OP Co. issues no-par value common stock for $70,000 cash.
- 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.
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