Recording Entries for Common Stock Issuance

Record journal entries for the following separate transactions.

a. Max Inc. issued 11,000 shares of $1 par value common stock for $20 per share on January 1, 2020.

b. Max Inc. issued 2,200 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 1,100 shares of no-par common stock for $18 per share on January 1, 2020.

d. Max Inc. issued 11,000 shares of $1 par value common stock for $18 per share on January 1, 2020, and incurred $2,200 in legal fees related to the stock issuance.

e. Max Inc. issued 22,000 shares of common stock ($1 par) in exchange for equipment with a fair value of $391,600.

f. Max Inc. issued 6,600 shares of Class A common stock ($1 par) and 8,800 shares of Class B common stock ($2 par) at a price of $176,000. 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 6,600 shares of Class A common stock ($1 par) and 8,800 shares of Class B common stock ($2 par) at a price of $187,000. 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. Cr. a. Jan. 1, 2020 Cash > od o o Common Stock 0 0 0 0 0 0 O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O b. Jan. 1, 2020 Paid-in Capital in Excess of ParCommon Stock Common Stock Paid-in Capital in Excess of Stated ValueCommon Stock - C. Jan. 1, 2020 Cash - Common Stock d. Jan. 1, 2020 Cash Common Stock Paid-in Capital in Excess of ParCommon Stock e. Jan. 1, 2020 Equipment Common Stock Paid-in Capital in Excess of ParCommon Stock f. Jan. 1, 2020 Common Stock A Common Stock-Class A Paid-in Capital in Excess of ParCommon Stock Common Stock-Class B Paid-in Capital in Excess of ParCommon Stock g. Jan. 1, 2020 Cash Common Stock-Class A Paid-in Capital in Excess of ParCommon Stock Common Stock-Class B Paid-in Capital in Excess of ParCommon Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O o o o 0 0 0