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Prepare the issuer’s journal entry for each of the following separate transactions.

a. On March 1, Atlantic Co. issues 44,000 shares of $5 par value common stock for $302,000 cash.
b. On April 1, OP Co. issues no-par value common stock for $73,000 cash.
c. On April 6, MPG issues 2,300 shares of $15 par value common stock for $42,000 of inventory, $150,000 of machinery, and acceptance of a $92,000 note payable.

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tanseershar

Answer:

The answer is given below;

Explanation:

a. Cash          Dr.$302,000

   Capital (44,000*5)   Cr.$220,000

   Paid in Capital in excess of par Cr.$82,000

b. Cash  Dr.$73,000

  Capital Cr.$73,000

c. Cash          Dr.$42,000

   Capital 2,300*15  Cr.$34,500

   Paid in capital in excess of par Cr.$7,500

Machinery        Dr.$150,000

Cash         (150,000-92,000)Cr.$58,000

Note payable                         Cr.$92,000            

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