17.00 10.00 points M11-4 Recording the Sale of Common Stock LO11-3 To expand ope

Question

17.00 10.00 points M11-4 Recording the Sale of Common Stock LO11-3 To expand operations, Aragon Consulting issued 171,000 shares of previously unissued stock with a par value of $1. Investors purchased the stock for $26 per share a. Sale of the above stock. b. Sale of above stock if the par value was $5 per share Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sale of 171,000 shares of stock with a par value of $1. The selling price was $26 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

a Cash 4446000 =171000*26       Common Stock 171000       Paid in capital in excess of par-Common Stock 4275000 b Cash 4446000 =171000*26       Common Stock 855000 =171000*5       Paid in capital in excess of par-Common Stock 3591000

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