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.

 A 1 Cash 30,000 Common stock, \$5 par value 25,000 Paid-in capital in excess of par value, Common stock 5,000 B 2 Organization expenses 56,500 Common stock, \$2 stated value 5,000 Paid-in capital in excess of stated value, common stock 51,500 C 3 Organization expenses 56,500 Common stock, no-par value 56,500 D 4 Cash 119,000 Preferred stock, \$50 par value 62,500 Paid-in capital in excess of par value, preferred stock 56,500

## 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

Robert Otieno
answered 6 months ago
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