The following was in the financial press pertaining to florence inc. florence inc stock was sold for $40 per share during its opening day of trading

Required information [The following information applies to the questions displayed below.] The following was in the financial press pertaining to Florence Inc. Florence Inc. stock was sold for $40 per share during its opening day of trading. Florence Inc. sold 50 million shares at its IPO. Required: 1. Record the issuance of stock, assuming the stock was no-par value common stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Journal entry worksheet 1 Record the issuance of stock, assuming the stock was no-par value common stock Note: Enter debits before credits. Transaction General Journal Debit Credit a. Clear entry View general journal Record entry Journal entry worksheet 1 Record the issuance of stock, assuming the common stock had a par value of $1 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit . Record entry Clear entry View general journal