The following was in the financial press pertaining to Jacks

The following was in the financial press pertaining to Jackson International: April 1, 2015-Jackson International\'s (JCK) stock was sold for $23 per share during its opening day of trading. Jackson sold 50 million shares at its IPO. 1. Record the issuance of stock, assuming the stock was no-par value common stock. Issua]ance price is $23.

Solution

Date Account Debit credit April ,1 ,2015 cash   [50 milion*23] 1,150,000,000 common stock 1,150,000,000 [common stock issued having no par value]