On May 10, Monty Corp. issues 1,900 shares of $4 par value common stock for cash at $13 per share.Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitCreditMay 10enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount enter an account title

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Asked Dec 7, 2019
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On May 10, Monty Corp. issues 1,900 shares of $4 par value common stock for cash at $13 per share.

Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date
Account Titles and Explanation
Debit
Credit
May 10
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
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Expert Answer

Step 1

Calculation of cash received:.

 

 

Calculation of amount common stock issued:

 

 

Calculat...

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Cash = Number of shares x Issue price = 1,900 x $13 = $24, 700 Common stock = Number of shares x Par value = 1,900 x $4 = $7,600 Paid in excess of par = Number of shares x(Issue price – Par value) = 1,900 x ($13– $4) = $1,900x $9 = $17,100

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