Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. Note: As...
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Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. Note: As needed, use the account "Common Stock" for parts a through e, and use the accounts "Common Stock-Class A" and "Common Stock-Class B" for parts f and g. Note: As needed, use the account "Paid-in Capital in Excess of Par-Common Stock" for parts a through e, and use the accounts "Paid-in Capital in Excess of ParClass A Common Stock" and "Paid-in Capital in Excess of Par-Class B Common Stock" for parts f and g. a. Max Inc. issued 7,000 shares of $1 par value common stock for $20 per share. b. Max Inc. issued 1,400 shares of no-par common stock for $25 per share. The state of incorporation requires a minimum value per share of $2. c. Max Inc. issued 700 shares of no-par common stock for $18 per share. d. Max Inc. issued 7,000 shares of $1 par value common stock for $18 per share and incurred $1,400 in legal fees related to the stock issuance. e. Max Inc. issued 14,000 shares of common stock ($1 par) in exchange for equipment with a fair value of $249,200. f. Max Inc. issued 4,200 shares of Class A common stock ($1 par) and 5,600 shares of Class B common stock ($2 par) for $112,000 cash. At the time of issuance, the market price of the Class A common stock is $15 per share, and the market price of the Class B common stock is $10 per share. g. Max Inc. issued 4,200 shares of Class A common stock ($1 par) and 5,600 shares of Class B common stock ($2 par) for $119,000 cash. At the time of issuance, the market price of the Class A common stock is $16 per share, and the market price of the Class B common stock is unknown. Recording Entries for Common Stock Issuance Record journal entries for the following separate transactions. Note: As needed, use the account "Common Stock" for parts a through e, and use the accounts "Common Stock-Class A" and "Common Stock-Class B" for parts f and g. Note: As needed, use the account "Paid-in Capital in Excess of Par-Common Stock" for parts a through e, and use the accounts "Paid-in Capital in Excess of ParClass A Common Stock" and "Paid-in Capital in Excess of Par-Class B Common Stock" for parts f and g. a. Max Inc. issued 7,000 shares of $1 par value common stock for $20 per share. b. Max Inc. issued 1,400 shares of no-par common stock for $25 per share. The state of incorporation requires a minimum value per share of $2. c. Max Inc. issued 700 shares of no-par common stock for $18 per share. d. Max Inc. issued 7,000 shares of $1 par value common stock for $18 per share and incurred $1,400 in legal fees related to the stock issuance. e. Max Inc. issued 14,000 shares of common stock ($1 par) in exchange for equipment with a fair value of $249,200. f. Max Inc. issued 4,200 shares of Class A common stock ($1 par) and 5,600 shares of Class B common stock ($2 par) for $112,000 cash. At the time of issuance, the market price of the Class A common stock is $15 per share, and the market price of the Class B common stock is $10 per share. g. Max Inc. issued 4,200 shares of Class A common stock ($1 par) and 5,600 shares of Class B common stock ($2 par) for $119,000 cash. At the time of issuance, the market price of the Class A common stock is $16 per share, and the market price of the Class B common stock is unknown.
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a Max Inc issued 7000 shares of 1 par value common stock for 20 per share Date Date of issuance Account Titles and Explanation Debit Credit Cash 140000 Common Stock 7000 shares 1 par 7000 Paidin Capit... View the full answer
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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