Question

2

Need this solved asap please. help me with the proper solutions.

Entries for Issuing Stock On January 22, Muir Corporation issued for cash 28,000 shares of no-par common stock at $35. On February 14, Muir issued at par value 4,000 shares of preferred 3% stock, $60 par for cash. On August 30, Muir issued for cash 13,000 shares of preferred 3% stock, $60 par at $65. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 14 Aug. 30

Answer 1

Jan 22	Cash (28,000*35)	980,000
	Common stock - no par		980,000
Feb 14	Cash	240,000
	Preferred stock - 60 par		240,000
Aug 30	Cash (13,000*65)	845,000
	Preferred stock		780,000
	Paid in capital in excess of par - Preferred stock		65,000