Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. Note: As needed, use the account "Common Stock" for parts a through e, and use the accounts "Common Stock-Class A" and "Common Stock-Class B" for parts f and g. Note: As needed, use the account "Paid-in Capital in Excess of Par-Common Stock" for parts a through e, and use the accounts "Paid-in Capital in Excess of Par-Class A Common Stock" and "Paid-in Capital in Excess of Par-Class B Common Stock" for parts f and g. a. Max Inc. issued 7,000 shares of $1 par value common stock for $20 per share. b. Max Inc. issued 1,400 shares of no-par common stock for $25 per share. The state of incorporation requires a minimum value per share of $2. c. Max Inc. issued 700 shares of no-par common stock for $18 per share. d. Max Inc. issued 7,000 shares of $1 par value common stock for $18 per share and incurred $1,400 in legal fees related to the stock issuance. e. Max Inc. issued 14,000 shares of common stock ($1 par) in exchange for equipment with a fair value of $249,200. f. Max Inc. issued 4,200 shares of Class A common stock ($1 par) and 5,600 shares of Class B common stock ($2 par) for $112,000 cash. 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. g. Max Inc. issued 4,200 shares of Class A common stock ($1 par) and 5,600 shares of Class B common stock ($2 par) for $119,000 cash. 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 a. Jan. 1 Cash Common Stock Account Name Paid-in Capital in Excess of Par-Common Stock To record the issuance of stock. b. Jan. 1 Cash c. Jan. 1 Common Stock Paid-in Capital in Excess of Stated Value-Common Stock To record the issuance of stock. Cash Common Stock To record the issuance of stock. d. Jan. 1 Cash Legal Expense Common Stock To record the issuance of stock. e. Jan. 1 Equipment Common Stock Paid-in Capital in Excess of Par-Common Stock To record the issuance of stock. >> > > > > > > Dr. Cr. 140000 0 7000 0 133000 35000 0 0 2800 0 32200 12600 0 0 12600 125800 1400 0 0 x 0 x 127,200 x 249200 0 0 14000 0 235200 f. Jan. 11 Cash 112000 0 Common Stock-Class A 0 4200 Common Stock-Class B 0 11200 Paid-in Capital in Excess of Par-Class A Common Stock Paid-in Capital in Excess of Par-Class B Common Stock 0 50800 x 0 46000 x To record the issuance of stock. g. Jan. 1 Cash 119000 0 Common Stock-Class A 0 4200 Common Stock-Class B 0 11200 Paid-in Capital in Excess of Par-Class A Common Stock 0 59800 x Paid-in Capital in Excess of Par-Class B Common Stock To record the issuance of stock. 0 43000 x