Prepare journal entries to record each of the following four separate issuances of stock.

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A corporation issued 5,000 shares of $5 par value common stock for $30,000 cash.A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,500. The stock has a $2 per share stated value.A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,500. The stock has no stated value.A corporation issued 1,250 shares of $50 par value preferred stock for $119,000 cash.

A1Cash30,000
Common stock, $5 par value25,000
Paid-in capital in excess of par value, Common stock5,000
B2Organization expenses56,500
Common stock, $2 stated value5,000
Paid-in capital in excess of stated value, common stock51,500
C3Organization expenses56,500
Common stock, no-par value56,500
D4Cash119,000
Preferred stock, $50 par value62,500
Paid-in capital in excess of par value, preferred stock56,500


Explanation

1.Common stock, $5 par value = 5,000 shares × $5 per share = $25,000Paid in capital in excess of par value, common stock = $30,000 – $25,000 = $5,0004.Preferred stock, $50 par value = 1,250 shares × $50 per share = $62,500Paid in capital in excess of par value, preferred stock = $119,000 – $62,500 = $56,500


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Robert Otieno
answered 6 months ago
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