Nebraska Inc. issues 4,400 shares of common stock for $140,800. The stock has a stated value...
Nebraska Inc. issues 4,400 shares of common stock for $140,800. The stock has a stated value of $13 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
A. $4,400
B. $83,600
C. $57,200
D. $140,800
Homework Answers
| Issue Proceeds | 140800 | ||
| No of Shares | 4400 | ||
| Issue Price Per Share | 32.00 | ||
| Stock Stated Price | 13.00 | ||
| Premium Over Issue Price Less Stated Price | 19.00 | ||
| Journal Entry: | |||
| Bank Account Dr. | 140800 | ||
| To Common Stock Account (13*4400) | 57200 | ||
| To Additional Paid in Capital (19*4400) | 83600 | ||
| (Being Share issues at Premium) | |||
| Answer is $57200/- | |||
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