Concord, Inc. issued 9800 shares of stock at a stated value of $7/share. The total issue of stock sold for $12 per share. The journal entry to record this transaction would include a O credit to Paid-in Capital in Excess of Par for $117600. O credit to Common Stock for $68600. debit to Cash for $68600. O credit to Common Stock for $117600.
Concord, Inc. issued 9800 shares of stock at a stated value of $7/share. The total issue of stock sold for $12 per share. The journal entry to record this transaction would include a O credit to Paid-in Capital in Excess of Par for $117600. O credit to Common Stock for $68600. debit to Cash for $68600. O credit to Common Stock for $117600.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 4SEB: STOCK DIVIDENDS Martinez Company currently has 200,000 shares of 1 par common stock outstanding. On...
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