Entries for Issuing Stock On January 22, Muir Corporation issued for cash 21,000

Question

Entries for Issuing Stock On January 22, Muir Corporation issued for cash 21,000 shares of no-par common stock at $15. On February 14, Muir issued at par 1,000 shares of 6%, $75 par preferred stock for cash. On August 30, Muir Corporation issued for cash 26,000 shares of preferred 696 stock, $75 par at $82 Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require an entry, leave it blank Jan. 22 Feb. 14 Aug. 30

Explanation / Answer

Jan 22 Cash        3,15,000    Common Stock                                             3,15,000 Feb 14 Cash            75,000    Preferred Stock                                                75,000 Feb 14 Cash      21,32,000    Preferred Stock                                          19,50,000    Paid-in capital in excess of stated value                                             1,82,000

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