Question

Exercise 11-3 Recording stock issuances LO P1 Prepare journal entries to record the following four separate issuances of stock. A corporation issued 3,000 shares of $20 par value common stock for $72,000 cash. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $59,500. The stock has a $4 per share stated value. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $59,500. The stock has no stated value. A corporation issued 750 shares of $50 par value preferred stock for $97,000 cash.

Answer 1

ANSWER

Cash	72,000
Common stock, 20 par		60,000
Paid in capital in excess of par common stock		12,000
Organization expenses	59,500
Common stock 4 stated		6,000
Paid in capital in excess of par common stock		53,500
Organization expenses	59,500
Common stock no par		59,500
Cash	97,000
Preferred stock		37,500
Paid in capital in excess of par preferred stock		59,500

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