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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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