Homework SourseRodriguez Corporation issues 8000 shares of its common stock
Rodriguez Corporation issues 8,000 shares of its common stock for $133,700 cash on February 20 prepare journal entries to record this event under each of the following separate situations
1. The stock has a $12 par value
2. The stock has neither par nor stated value
3. The stock has a $6 stated vale
Rodriguez Corporation issues 8,000 shares of its common stock for $133,700 cash on February 20 prepare journal entries to record this event under each of the following separate situations
1. The stock has a $12 par value
2. The stock has neither par nor stated value
3. The stock has a $6 stated vale
Solution
1 Cash 133700 Common stock, $12 par value 96000 =8000*12 Paid in capital in excess of par value, common stock 37700 2 Cash 133700 Common stock, no par value 133700 3 Cash 133700 Common stock, $6 stated value 48000 =8000*6 Paid in capital in excess of stated value, common stock 85700
