Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Co. issues 44,500 shares of $3 par value common stock for $303,500 cash. b. On April 1, OP Co. issues no-par value common stock for $74,000 cash. c. On April 6, MPG issues 2,400 shares of $20 par value common stock for $43,000 of inventory, $155,000 of machinery, and acceptance of a $93,000 note payable.

Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, Atlantic Co. issues 44,500 shares of $3 par value common stock for $303,500 cash. b. On April 1, OP Co. issues no-par value common stock for $74,000 cash. c. On April 6, MPG issues 2,400 shares of $20 par value common stock for $43,000 of inventory, $155,000 of machinery, and acceptance of a $93,000 note payable.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter15: Shareholders’ Equity: Capital Contributions And Distributions

Section: Chapter Questions

Problem 16E

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