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During its first year of operations, Foyle Corporation had the following transactions pertaining to the...

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Accounting

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During its first year of operations, Foyle Corporation had the following transactions pertaining to the issue of its common stock: Jan 10 Issued 70,000 shares of common stock for $5 per share cash. Jul 1 Issued 40,000 shares of common stock for $7 per share cash. Instructions (a) Give the journal entries to record the issue of stock in the attached journal assuming that the common stock has a par value of $5 per share. (b) Give the journal entries to record the issue of stock in the attached journal assuming the common stock has a stated value of $1 per share

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