Hello, I need help with the following question(s): rCh 11 Exercises x®G Hello, I

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Hello, I need help with the following question(s):

rCh 11 Exercises x®G Hello, I Need Help with ? | Secure l https://newconnect.mheducation.com/flow/connect.html Ch 11 Exercises Saved Help Save & Exit Submit Check my work 10 Exercise 11-3 Recording stock issuances LO P1 Prepare journal entries to record the following four separate issuances of stock 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash 3.88 pcinis eBook 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value Hint 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value Piint 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash References View transaction list Journal entry worksheet Record the issue of 4,000 shares of $5 par value common stock for $35,000 cash Mc Graw 7:11 PM O Type here to search R ^ 41) 7/24/2018

Explanation / Answer

Journal entry :

No account and explanation debit credit 1 Cash 35000 Common Stock (4000*5) 20000 Paid in capital in excess of par value-Common Stock 15000 (To record issue common Stock) 2 Organisation fees 40000 Common Stock 2000 Paid in capital in excess of stated value-Common Stock 38000 (To record common Stock) 3 Organisation fees 40000 Common Stock 40000 (To record common Stock) 4 Cash 60000 Preferred Stock 50000   Paid in capital in excess of par value-Preferred Stock 10000 (To record issue preferred Stock)

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