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Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions a. Max Inc. issued 9,000 shares of $1 par value common
Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions a. Max Inc. issued 9,000 shares of $1 par value common stock for $20 per share on January 1, 2020. b. Max Inc. issued 1,800 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 900 shares of no-par common stock for $18 per share on January 1, 2020. d. Max Inc. issued 9,000 shares of $1 par value common stock for $18 per share on January 1, 2020, and incurred $1,800 in legal fees related to the stock issuance. e. Max Inc. issued 18,000 shares of common stock ($1 par) in exchange for equipment with a fair value of $320,400. f. Max Inc. issued 5,400 shares of Class A common stock ($1 par) and 7,200 shares of Class B common stock ($2 par) at a price of $144,000. 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. g. Max Inc. issued 5,400 shares of Class A common stock ($1 par) and 7,200 shares of Class B common stock ($2 par) at a price of $153,000. 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
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