Required information [The following information applies to the questions displayed below] Following are the issuances of stock transactions. 1. A corporation issued 3,000 shares of $30 par value common stock for $108,000 cash. 2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $26,000. The stock has a $2 per share stated value. / 3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $26,000. The stock has no stated value. 4. A corporation issued 750 shares of $75 par value preferred stock for $82,250 cash. Prepare journal entries to record each of the following four separate issuances of stock. 4 View transaction list View journal entry worksheet No A B / C Transaction 2 3 Cash General Journal Common stock, $30 par value Paid-in capital in excess of par value, Common stock Organization expenses Common stock, $2 stated value Paid in capital in excess of stated value, common stock Organization expenses Common stock, no-par value Debit 108,000 26,000 26,000 Credit 90,000 18,000 3,000 23,000 26,000 Ⓒ
Required information [The following information applies to the questions displayed below] Following are the issuances of stock transactions. 1. A corporation issued 3,000 shares of $30 par value common stock for $108,000 cash. 2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $26,000. The stock has a $2 per share stated value. / 3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $26,000. The stock has no stated value. 4. A corporation issued 750 shares of $75 par value preferred stock for $82,250 cash. Prepare journal entries to record each of the following four separate issuances of stock. 4 View transaction list View journal entry worksheet No A B / C Transaction 2 3 Cash General Journal Common stock, $30 par value Paid-in capital in excess of par value, Common stock Organization expenses Common stock, $2 stated value Paid in capital in excess of stated value, common stock Organization expenses Common stock, no-par value Debit 108,000 26,000 26,000 Credit 90,000 18,000 3,000 23,000 26,000 Ⓒ
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
can someone help me answer this homework question asap please
![### Required Information
**[The following information applies to the questions displayed below.]**
### Following are the issuances of stock transactions:
1. A corporation issued 3,000 shares of $30 par value common stock for $108,000 cash.
2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $26,000. The stock has a $2 per share stated value.
3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $26,000. The stock has no stated value.
4. A corporation issued 750 shares of $75 par value preferred stock for $82,250 cash.
### Prepare journal entries to record each of the following four separate issuances of stock:
- View transaction list
- View journal entry worksheet
### General Journal
| No | Transaction | Debit | Credit |
|----|-------------|-----------------|-----------------|
| A | 1 | | |
| | Cash | 108,000 | |
| | Common stock, $30 par value | | 90,000 |
| | Paid-in capital in excess of par value, Common stock | | 18,000 |
| B | 2 | | |
| | Organization expenses | 26,000 | |
| | Common stock, $2 stated value | | 3,000 |
| | Paid-in capital in excess of stated value, Common stock | | 23,000 |
| C | 3 | | |
| | Organization expenses | 26,000 | |
| | Common stock, no-par value | | 26,000 |
| D | 4 | | |
| | Cash | 82,250 | |
| | Preferred stock, $75 par value | | 56,250 |
| | Paid-in capital in excess of par value, preferred stock | | 26,000 |
### Explanation:
The table lists the journal entries needed to record four different stock issuance transactions. Each transaction is categorized by its identifier (A to D) and described in terms](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8952a85a-85f1-4c32-8b45-c088a1def42e%2Fe33af2cc-7f8c-4f86-8e20-ab0d1cc08ef7%2F8ihtxdo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:### Required Information
**[The following information applies to the questions displayed below.]**
### Following are the issuances of stock transactions:
1. A corporation issued 3,000 shares of $30 par value common stock for $108,000 cash.
2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $26,000. The stock has a $2 per share stated value.
3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $26,000. The stock has no stated value.
4. A corporation issued 750 shares of $75 par value preferred stock for $82,250 cash.
### Prepare journal entries to record each of the following four separate issuances of stock:
- View transaction list
- View journal entry worksheet
### General Journal
| No | Transaction | Debit | Credit |
|----|-------------|-----------------|-----------------|
| A | 1 | | |
| | Cash | 108,000 | |
| | Common stock, $30 par value | | 90,000 |
| | Paid-in capital in excess of par value, Common stock | | 18,000 |
| B | 2 | | |
| | Organization expenses | 26,000 | |
| | Common stock, $2 stated value | | 3,000 |
| | Paid-in capital in excess of stated value, Common stock | | 23,000 |
| C | 3 | | |
| | Organization expenses | 26,000 | |
| | Common stock, no-par value | | 26,000 |
| D | 4 | | |
| | Cash | 82,250 | |
| | Preferred stock, $75 par value | | 56,250 |
| | Paid-in capital in excess of par value, preferred stock | | 26,000 |
### Explanation:
The table lists the journal entries needed to record four different stock issuance transactions. Each transaction is categorized by its identifier (A to D) and described in terms
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images

Recommended textbooks for you

Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,



Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,



Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,

Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education