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Recording Entries s for Common Stock Issuance ommon Record journal entries for the following separate transactions. a. Max Inc. issued 8,000 shares of $1 par value common stock for $20 per share on January 1, 2020. b. Max Inc. issued 1,600 shares of no-par common stock for $25 per share on January 1, 2020. The state of incorporation requires a minimum value per share of $2. c. Max Inc. issued 800 shares of no-par common stock for $18 per share on January 1, 2020. d. Max Inc. issued 8.000 shares of 51 par value common stock for $18 per share on January 1, 2020, and incurred $1.600 in legal fees related to the stock issuance. e. Max Inc. issued 16,000 shares of common stock (51 par) in exchange for equipment with a fair value of $284,800. f. Max Inc. issued 4,800 shares of Class A common stock ($1 par) and 6,400 shares of Class B common stock ($2 par) at a price of $128,000. At the time of issuance, the market price of the Class A common stock is $15 per share, and the market price of the Class B common stock is $10 per share. Note: Carry all decimals in calculations: round the final answer to the nearest dollar. g. Max Inc. issued 4,800 shares of Class A common stock ($1 par) and 6,400 shares of Class B common stock ($2 par) at a price of $136.000. At the time of issuance, the market price of the Class A common stock is $16 per share, and the market price of the Class B common stock is unknown. Date Account Name

Recording Entries s for Common Stock Issuance ommon Record journal entries for the following separate transactions. a. Max Inc. issued 8,000 shares of $1 par value common stock for $20 per share on January 1, 2020. b. Max Inc. issued 1,600 shares of no-par common stock for $25 per share on January 1, 2020. The state of incorporation requires a minimum value per share of $2. c. Max Inc. issued 800 shares of no-par common stock for $18 per share on January 1, 2020. d. Max Inc. issued 8.000 shares of 51 par value common stock for $18 per share on January 1, 2020, and incurred $1.600 in legal fees related to the stock issuance. e. Max Inc. issued 16,000 shares of common stock (51 par) in exchange for equipment with a fair value of $284,800. f. Max Inc. issued 4,800 shares of Class A common stock ($1 par) and 6,400 shares of Class B common stock ($2 par) at a price of $128,000. At the time of issuance, the market price of the Class A common stock is $15 per share, and the market price of the Class B common stock is $10 per share. Note: Carry all decimals in calculations: round the final answer to the nearest dollar. g. Max Inc. issued 4,800 shares of Class A common stock ($1 par) and 6,400 shares of Class B common stock ($2 par) at a price of $136.000. At the time of issuance, the market price of the Class A common stock is $16 per share, and the market price of the Class B common stock is unknown. Date Account Name

FINANCIAL ACCOUNTING
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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Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. a. Max Inc. issued 8,000 shares of $1 par value common stock for $20 per share on January 1, 2020. b. Max Inc. issued 1,600 shares of no-par common stock for $25 per share on January 1, 2020. The state of incorporation requires a minimum value per share of $2. c. Max Inc. issued 800 shares of no-par common stock for $18 per share on January 1, 2020. d. Max Inc. issued 8,000 shares of $1 par value common stock for $18 per share on January 1, 2020, and incurred $1,600 in legal fees related to the stock issuance. e. Max Inc. issued 16,000 shares of common stock ($1 par) in exchange for equipment with a fair value of $284,800. f. Max Inc. issued 4,800 shares of Class A common stock ($1 par) and 6,400 shares of Class B common stock ($2 par) at a price of $128,000. At the time of issuance, the market price of the Class A common stock is $15 per share, and the market price of the Class B common stock is $10 per share. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. g. Max Inc. issued 4,800 shares of Class A common stock ($1 par) and 6,400 shares of Class B common stock ($2 par) at a price of $136,000. At the time of issuance, the market price of the Class A common stock is $16 per share, and the market price of the Class B common stock is unknown. Date Account Name Cr. a. Jan. 1, 2020 b. Jan. 1, 2020 c. Jan. 1, 2020 d. Jan. 1, 2020 e. Jan. 1, 2020 f. Jan. 1, 2020 g- Jan. 1, 2020 Common Stock Common Stock Common Stock Common Stock Common Stock-Class A Common Stock-Class B Common Stock-Class A Common Stock-Class B + + + + + + + + + + + + + + + + Dr.
Transcribed Image Text:Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. a. Max Inc. issued 8,000 shares of $1 par value common stock for $20 per share on January 1, 2020. b. Max Inc. issued 1,600 shares of no-par common stock for $25 per share on January 1, 2020. The state of incorporation requires a minimum value per share of $2. c. Max Inc. issued 800 shares of no-par common stock for $18 per share on January 1, 2020. d. Max Inc. issued 8,000 shares of $1 par value common stock for $18 per share on January 1, 2020, and incurred $1,600 in legal fees related to the stock issuance. e. Max Inc. issued 16,000 shares of common stock ($1 par) in exchange for equipment with a fair value of $284,800. f. Max Inc. issued 4,800 shares of Class A common stock ($1 par) and 6,400 shares of Class B common stock ($2 par) at a price of $128,000. At the time of issuance, the market price of the Class A common stock is $15 per share, and the market price of the Class B common stock is $10 per share. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. g. Max Inc. issued 4,800 shares of Class A common stock ($1 par) and 6,400 shares of Class B common stock ($2 par) at a price of $136,000. At the time of issuance, the market price of the Class A common stock is $16 per share, and the market price of the Class B common stock is unknown. Date Account Name Cr. a. Jan. 1, 2020 b. Jan. 1, 2020 c. Jan. 1, 2020 d. Jan. 1, 2020 e. Jan. 1, 2020 f. Jan. 1, 2020 g- Jan. 1, 2020 Common Stock Common Stock Common Stock Common Stock Common Stock-Class A Common Stock-Class B Common Stock-Class A Common Stock-Class B + + + + + + + + + + + + + + + + Dr.
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