Sun Corporation issues 500 shares of $8 par common stock for a patent. The stock is currently

Question:

Sun issues 500 shares of $8 par for a patent. The stock is currently selling for $37 per share on the open market, and no significant impact on the market price is expected by the issuance of the additional shares.
Prepare the journal entry to record this transaction.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...