Condon Company issued 3,000 shares of $1 par-value common stock for $40 per share for cash. Make

Question:

Condon Company issued 3,000 shares of $1 par-value common stock for $40 per share for cash. Make the necessary journal entry (or entries) 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...