Rodriguez Corporation issues 8,000 shares of its common stock for $133,700 cash

Question

Rodriguez Corporation issues 8,000 shares of its common stock for $133,700 cash on February 20 prepare journal entries to record this event under each of the following separate situations 1. The stock has a $12 par value 2. The stock has neither par nor stated value 3. The stock has a $6 stated vale Rodriguez Corporation issues 8,000 shares of its common stock for $133,700 cash on February 20 prepare journal entries to record this event under each of the following separate situations 1. The stock has a $12 par value 2. The stock has neither par nor stated value 3. The stock has a $6 stated vale

Explanation / Answer

1 Cash 133700     Common stock, $12 par value 96000 =8000*12      Paid in capital in excess of par value, common stock 37700 2 Cash 133700      Common stock, no par value 133700 3 Cash 133700     Common stock, $6 stated value 48000 =8000*6      Paid in capital in excess of stated value, common stock 85700

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