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To expand operations, Aragon Consulting issued 1,000 shares of previously unissued common stock with a par value of $1. The price for the stock was
To expand operations, Aragon Consulting issued 1,000 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. Complete the table below, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) for the stock issuance. (Enter all amounts as positive values.) Prepare the journal entry for the stock issuance. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Complete the table below, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) for the stock issuance with a par value of $2. (Enter all amounts as positive values.) Prepare the journal entry for the stock issuance, If the par value were $2 per share. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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