Question
Rodriguez Corporation issues 13,000 shares of its common stock for $268,200 cash on February 20. Prepare journal entries to record this event under each of
Rodriguez Corporation issues 13,000 shares of its common stock for $268,200 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. The stock has a $18 par value. The stock has neither par nor stated value. The stock has a $9 stated value.
a.Record the issue of 13,000 shares of $18 par value common stock for $268,200 cash.
B. Record the issue of 13,000 shares of no-par, no-stated value common stock for $268,200 cash.
C. Record the issue of 13,000 shares of $9 stated value common stock for $268,200 cash.
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