No. | Account titles | Debit | Credit |
1 | Cash (11500*1012) | $ 11,638,000 | |
Bonds payable (11500*575) | $ 6,612,500 | ||
Common stock (11500*12*6) | $ 828,000 | ||
Paid in capital in excess of par-Common stock | $ 4,197,500 | ||
2 | Cash | $ 11,638,000 | |
Bond Discount (6612500-5937755) | $ 674,745 | ||
Bonds payable | $ 6,612,500 | ||
Common stock | $ 828,000 | ||
Paid in capital in excess of par-Common stock (5700245-828000) | $ 4,872,245 | ||
Explanation: | |||
Total fair value (575+(46*12)) | $ 1,127 | ||
Allocated to bond (11638000*575/1127) | $ 5,937,755 | ||
Allocated to common stock (11638000*552/1127) | $ 5,700,245 |
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