Homework Answers
a) Journal entry
| No | Account and explanation | Debit | Credit |
| a | Cash (11000*14) | 154000 | |
| Common Stock | 154000 | ||
| (To record issue common stock) |
b) Journal entry
| No | Account and explanation | Debit | Credit |
| b | Cash (11000*14) | 154000 | |
| Common Stock | 44000 | ||
| Paid in capital in excess of stated value-Common Stock | 110000 | ||
| (To record issue common stock) |
2) Both type of stock has same total paid in capital
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