Recording Entries for Common Stock Issuance

Tridint Corporation is authorized to issue 400,000 shares of $5 par value common stock. The shares of stock are not publicly traded. During 2020, the company completed the following transactions.

Jan. 8, 2020 - Issued 160,000 shares of common stock at $12 per share.

Jan. 30, 2020 - Issued 42,000 shares of common stock in exchange for equipment with an appraised value of $546,000.

Required

a. Prepare the journal entry on January 8, 2020.

Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order.

Date	Account Name	Dr.	Cr.
Jan. 8, 2020	Cash	$1920000	Answer
	Common Stock	Answer	Answer
	Paid-in Capital in Excess of ParCommon Stock	Answer	Answer

b. Prepare the journal entry on January 30, 2020.

Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order.

Date	Account Name	Dr.	Cr.
Jan. 30, 2020	Equipment	$546000	Answer
	Common Stock	Answer	Answer
	Paid-in Capital in Excess of ParCommon Stock	Answer	Answer

c. Prepare the entry for part b assuming that the stock was traded on a registered stock exchange at $14 on January 30, 2020.

Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order.

Date	Account Name	Dr.	Cr.
Jan. 30, 2020	Equipment	$588000	Answer
	Common Stock	Answer	Answer
	Paid-in Capital in Excess of ParCommon Stock	Answer	Answer