Prepare journal entries to record each of the following four separate issuances of stock. A corporation issued 4,000 shares of $10 par value common stock for $48,000 cash. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $27,500. The stock has a $1 per share stated value. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $27,500. The stock has no stated value. A corporation issued 1,000 shares of $25 par value preferred stock for $52,500 cash.

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr, $48,000

           To Common Stock $40,000

(4,000 × $10)

           To Paid-in-capital in excess of par - Common stock $8,000

(Being issuance of common stock is recorded)

2. Organization expenses Dr, $27,500

           To Common stock $2,000

(2,000 × $1)

           To Paid-in-capital in excess of par - Common stock $25,500

(Being issuance of common stock to promoters is recorded)

3. Organization expenses Dr, $27,500

           To Common stock - No par value $27,500

(Being issuance of common stock to promoters is recorded)

4. Cash Dr, $52,500

          To Preferred stock $25,000

(1,000 × $25)

          To Paid-in-capital in excess of par - Preferred stock $27,500

(Being issuance of preferred stock is recorded)

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