Coronado, Inc. issued 10200 shares of stock at a stated value of $7 per share. The...
Coronado, Inc. issued 10200 shares of stock at a stated value of $7 per share. The total issue of stock sold for $13 per share. The journal entry to record this transaction would include a
| debit to Cash for $71400. |
| credit to Common Stock for $71400. |
| credit to Common Stock for $132600. |
| credit to Paid-in Capital in Excess of Par for $132600. |
Homework Answers
The journal entry of the transaction would be as follow -
| Dr. | Cr. | |
| Cash A/c | 132600 | |
| To Common stock A/c | 71400 | |
| To paid in capital in excess of par A/c | 61200 |
So option (b) seems correct.
If par value has not been given then stated value can be taken as par value.
Please check with your answer and let me know.
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