**Share Issuances for Cash**Henlay, Inc., issued 10,000 shares of $30 par value preferred stock at $72 per share and 8,000 shares of no-par value common stock at $23 per share. The common stock has no stated value. All issuances were for cash.**a. Prepare the journal entries to record the share issuances.****b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $15 per share.****c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $3 per share.**---### General Journal| Ref. | Description | Debit | Credit ||------|-----------------------------------------------------|-------|--------|| a. | **Preferred stock** | | || | Issued shares of preferred stock. | | || | | | || | **Common stock** | | || | Issued shares of no-par value common stock. | | || b. | **Common stock** | | || | Issued shares of no-par value common stock, stated value. | | || c. | **Common stock** | | || | Issued shares of common stock. | | |This table outlines the journal entries needed to account for share issuances under different scenarios. Each scenario modifies the common stock's characteristics, either with a stated or par value, affecting how the transaction is recorded.

A journal entry is a basic accounting record that is used to chronologically track financial…

Answered: Share Issuances for Cash Henlay, Inc.,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 12MC: A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting...

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