Rodriguez Corporation issues 10,000 shares of its common stock for $82,300 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.The stock has a $6 par value.The stock has neither par nor stated value.The stock has a $3 stated valueRecord the issue of 10,000 shares of $6 par value common stock for $82,300 cash. BRecord the issue of 10,000 shares of no-par, no-stated value common stock for $82,300 cash. CRecord the issue of 10,000 shares of $3 stated value common stock for $82,300 cash.

Common Stock is a ledgers that represents amount raised by the organization by issuing shares to the…

Answered: Rodriguez Corporation issues 10,000…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 5PA: Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par...

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Rodriguez Corporation issues 10,000 shares of its common stock for $82,300 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.

The stock has a $6 par value.
The stock has neither par nor stated value.
The stock has a $3 stated value

Record the issue of 10,000 shares of $6 par value common stock for $82,300 cash.
B

Record the issue of 10,000 shares of no-par, no-stated value common stock for $82,300 cash.
C

Record the issue of 10,000 shares of $3 stated value common stock for $82,300 cash.

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