Homework Answers
a.Journal for issuance of shares:
Cash a/c...Dr $320,000 (8000 shares@$40)
To common stock $80 (8000 shares@$0.01)
To paid in capital in excess of par $319920
Hence total equity would increase by =$320,000 due to such issuance of shares
Add:Net income=$200,000
Less:Dividends paid=(8000*8)=$(64000)
Total stockholders equity at end of 2019=$456,000
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