Prepare the issuers journal entry for each separate transaction. (a) On March 1, Edgar Co. issues 44,500

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Prepare the issuer’s journal entry for each separate transaction.
(a) On March 1, Edgar Co. issues 44,500 shares of $4 par value common stock for $255,000 cash.
(b) On April 1, GT Co. issues no-par value common stock for $50,000 cash.
(c) On April 6, MTV issues 2,000 shares of $20 par value common stock for $35,000 of inventory, $135,000 of machinery, and acceptance of an $84,000 note payable.

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...
Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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Related Book For  answer-question

Fundamental Accounting Principles

ISBN: 978-0078110870

20th Edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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