Following are the issuances of stock transactions.A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash.A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock has a $3 per share stated value.A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock has no stated value.A corporation issued 500 shares of $75 par value preferred stock for $67,000 cash. Prepare journal entries to record each of the following four separate issuances of stock.

If issue price is greater than par value then excess amount is considered as " paid in capital…

Answered: Following are the issuances of stock…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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Following are the issuances of stock transactions.

A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash.
A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock has a $3 per share stated value.
A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,500. The stock has no stated value.
A corporation issued 500 shares of $75 par value preferred stock for $67,000 cash.

Prepare journal entries to record each of the following four separate issuances of stock.

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