Stock Issuance

Laguna Corp. had the following transactions during 2017, its first year of business.

Required:

1.Identify and analyze the effect of each transaction.

a.Issued 5,500 shares of $5 par common stock for cash at $15 per share.

How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item Balance Sheet Stockholders' Assets = Liabilities + Equity No Entry X X No Entry v No Entry X 0 X Building 0 No Entry v 0 No Entry X 0 X Common Stock Gain on Sale of Stock Retained Earnings Stock Revenue No EntryBalance Sheet Stockholders' Assets Liabilities + Equity No Entry X X No Entry v No Entry X 0 X Common Stock V No Entry v 0 No Entry X 0 X Gain on Sale of Stock Patent Retained Earnings Stock RevenueBalance Sheet Stockholders' Assets Liabilities + Equity No Entry X 0 X No Entry v No Entry X X dropdown Cash V No Entry v No Entry X X Common Stock Gain on Sale of Stock Retained Earnings Stock Revenue No Entry2. Determine the balance sheet amounts For enmmen steel: and additional paidin capital. Comma" stark $l:| Additional paidin capital $|:| Total contributed capital $l:|