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Record journal entries for the following separate transactions. Cr. 0 Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. a.
Record journal entries for the following separate transactions.
Cr. 0 Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. a. Max Inc. issued 5,000 shares of $1 par value common stock for $20 per share on January 1, 2020, b. Max Inc. issued 1,000 shares of no-par common stock for $25 per share on January 1, 2020. The state of incorporation requires a minimum value per share of $2. C. Max Inc. issued 500 shares of no-par common stock for $18 per share on January 1, 2020. d. Max Inc. issued 5,000 shares of $1 par value common stock for $18 per share on January 1, 2020, and incurred $1,000 in legal fees related to the stock issuance. e. Max Inc. issued 10.000 shares of common stock ($1 par) in exchange for equipment with a fair value of $178,000. f. Max Inc. issued 3,000 shares of Class A common stock ($1 par) and 4,000 shares of Class B common stock ($2 par) at a price of $80,000. At the time of issuance, the market price of the Class A common stock is $15 per share, and the market price of the Class B common stock is $10 per share. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. g. A B $ g. Max Inc. issued 3,000 shares of Class A common stock ($1 par) and 4,000 shares of Class B common stock ($2 par) at a price of $85,000. At the time of issuance, the market price of the Class A common stock is $16 per share, and the market price of the Class B common stock is unknown. Date Account Name Dr. a. jan. 1. 2020 Cash 1, 100.000 Common Stock 0 5,000 Paid-in Capital in excess of Par-Common Stock 0 95,000 b. Jan. 1.2020 Cash 25,000 0 Common Stock 2,000 Paid-in Capital in Excess of Stated Value-Common Stock - 0 23,000 Jan. 1.2020 Cash 9,000 Common Stock 0 9,000 d. Jan 1, 2020 Cash 89.000 0 Common Stock 0 5,000 Paid-in Capital in Excess of Par-Common Stock - 0 84,000 e. Jan. 1.2020 Equipment 178.000 Common Stock 0 10,000 Paid-in Capital in Excess of Par-Common Stock 0 168,000 Jan. 1. 2020 Cash 80,000 Common Stock-Class A 3,000 Pald-in Capital in Excess of Par---Common Stock 0 42,000 Common Stock-Class B 0 8,000 Paid-in Capital in Excess of Par-Common Stock 0 32.000 Jan. 1. 2020 0 Common Stock-Class A 0 0 Common Stock-Class B 0 0 0 0 e 0 0 0 e 0 0 0 0 0Step by Step Solution
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