Tomlin Corporation issued 20,000 shares of $2 par value common stock for $10 per share. Prepare...
Tomlin Corporation issued 20,000 shares of $2 par value common stock for $10 per share. Prepare the journal entry to record this stock issuance.
Homework Answers
Ans : Journal Entry for Stock Issuance
| Particulars | Debit | Credit |
| Cash Account Dr (20,000 shares * $10) | $200,000 | |
| To Common Stock A/c (20,000 shs * $2 ) | $40,000 | |
| To Additional Paid in Capital A/c (20,000 shs * $8) | $160,000 | |
| (Being Stock issued at price above its par value) |
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