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
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![### 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
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