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Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. a. Max Inc. issued 8,000 shares of $1 par value common
Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. a. Max Inc. issued 8,000 shares of $1 par value common stock for $20 per share on January 1, 2020. b. Max Inc. issued 1,600 shares of no-par common stock for $25 per share January 1, 2020. The state of incorporation requires a minimum value per share of $2. C. Max Inc. issued 800 shares of no-par common stock for $18 per share on January 1, 2020. d. Max Inc. issued 8,000 shares of $1 par value common stock for $18 per share on January 1, 2020, and incurred $1,600 in legal fees related to the stock issuance. e. Max Inc. issued 16,000 shares of common stock ($1 par) in exchange for equipment with a fair value of $284,800. f. Max Inc. issued 4,800 shares of Class A common stock ($1 par) and 6,400 shares of Class B common stock ($2 par) at a price of $128,000. 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. Max Inc. issued 4,800 shares of Class A common stock ($1 par) and 6,400 shares of Class B common stock ($2 par) at a price of $136,000. 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. Account Name Dr. Cr. Date a. Jan. 1, 2020 Common Stock . b. Jan 1, 2020 Common Stock c. Jan. 1, 2020 d. Jan. 1. 2020 Common Stock e. Jan. 1, 2020 Common Stock f. Jan. 1, 2020 Common Stock-Class A Common Stock-Class B g. Jan. 1. 2020 Common Stock-Class A Common Stock-Class B
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