90.2K

Verified Solution

Link Copied!

(Algo) Recording stock issuances

Required information Use the following information for Exercises 4-5 below. (Algo) [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $30 par value common stock for $144.000cash. 2. A corporation isued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $59.000. The stock has a $3 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $59.000. The stock has no stated value. 4. A corporation issued 1,000 shares of $25 par value preferred stock for $84,000 cash. xercise 134 (Algo) Recording stock issuances LO P1 repare journal entries to record each of the following four separate issuances of stock. Journal entry worksheet A Record the issue of 4,000 shares of $30 par value common stock for $144,000 cash. 8 Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $59,000. The stock has a $3 per share stated value. C Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $59,000. The stock has no stated value. D Record the issue of 1,000 shares of $25 par value preferred stock for $84,000 cash

Answer & Explanation Solved by verified expert

See Answer