Pergolesi Products, Inc. recently issued 5,000 shares of no- par common stock. The shares carry a $

Question:

Pergolesi Products, Inc. recently issued 5,000 shares of no- par common stock. The shares carry a $ 2 per share stated value. The market price of the shares on the date of issue was $ 35 per share. The company paid $ 12,000 in underwriting fees to issue the shares. Prepare the entry to record the new stock issue.