Homework Answers
| Journal | |||
| Date | Description | Debit | Credit |
| April 5 | Land | 259,000 | |
| Common stock | 37,000 | ||
| Paid in capital in excess of par - Common | 222,000 | ||
Common stock will be credited by = Number of shares issued x Par value per share
= 7,400 x 5
= $37,000
Paid in capital in excess of par- Common will be credited by = Number of shares issued x ( market price per share - par value per share)
= 7,400 x ( 35-5)
= $222,000
Land will be debited by = Number of shares issued x Market price per share
= 7,400 x 35
= $259,000
Kindly comment if you need further assistance. Thanks‼!
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