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To expand operations, Aragon Consulting issued $1,200$ shares of previously unissued common stock with a par value of $$1.$ The price for the stock was $$50$ per share.

Required:

$1-$a$.$ Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance.

$1-$b$.$ Prepare the journal entry for the stock issuance.

$2-$a$.$ Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $$2.$

$2-$b$.$ Prepare the journal entry for the stock issuance, if the par value were $$2$ per share.

Complete this question by entering your answers in the tabs below.

Req $1A$

Req $1$B

Req $2B$

Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance. $($Enter any decreases to account balances with a minus sigl