issued 10,000 shares of? no-par common stock for $11 per share. Read the require
ID: 2412434 • Letter: I
Question
issued 10,000 shares of? no-par common stock for $11 per share. Read the requirements
Requirement 1a. Record issuance of the stock if the stock is true? no-par stock. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.)
Date
Accounts and Explanation
Debit
Credit
a.
Requirement 1b. Record issuance of the stock if the stock has stated value of ?$33
per share. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.)
Date
Accounts and Explanation
Debit
Credit
b.
Requirement 2. Which type of stock issuance results in more total? paid-in capital?
?
Both result in the same amount of paid-in capital.
The no-par stock.
The stock with a stated value of $3 per share.
Date
Accounts and Explanation
Debit
Credit
a.
Explanation / Answer
a Cash 110000 Common Stock 110000 b Cash 110000 Common Stock 30000 Paid in capital in excess of stated value 80000 2 Both result in the same amount of paid-in capital.
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