Question 1 fof 4) 2 25 points To expand operations, Aragon Consulting issued 1,2

Question

Question 1 fof 4) 2 25 points To expand operations, Aragon Consulting issued 1,200 shares of previously unissued common stock wth a par valuo of $1. The price for the stock was $50 per share 1-a. Complete the table below, indicaing the account, amount, and direction of the effect lor the stock ssuance (Enter any decreases to account balances with a minus sign.) 60,000 1-b. Prepare the journal entry for the slock issuance (if no entry is required for a transaction/event select "No Journal Entry Required" in the first account fiold) O Type here to search 4o 8 6 7 8 9 2 3 4 5

Explanation / Answer

1a Assets Liabilities Stockholders' equity Cash +60000 Common stock +1200 Additional paid in capital-Common Stock +58800 Cash 60000      Common stock 1200      Additional paid in capital-Common Stock 58800 2a Assets Liabilities Stockholders' equity Cash +60000 Common stock +2400 Additional paid in capital-Common Stock +57600 Cash 60000      Common stock 2400      Additional paid in capital-Common Stock 57600

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