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Prepare the issuer's journal entry for each of the following separate transactions.

1. On March 1, Atlantic Co. issues 46,000 shares of $5 par value common stock for $308,000 cash.
2. On April 1, OP Co. issues no-par value common stock for $77,000 cash.
3. On April 6, MPG issues 2,700 shares of $25 par value common stock for $46,000 of inventory, $170,000 of machinery, and acceptance of a $96,000 note payable

Prepare the issuer's journal entry for each of the following separate transactions a. On March 1, Atlantic Co. issues 46,000 shares of $5 par value common stock for $308,000 cash. b. On April 1, OP Co. issues no-par value common stock for $77,000 cash c. On April 6, MPG issues 2,700 shares of $25 par value common stock for $46,000 of inventory, $170,000 of machinery, and acceptance of a $96,000 note payable Answer is complete but not entirely correct. Transaction General Journal Debit Credit 0 Cash 308,000 230,000 78,000 Common stock, $5 par value Paid-in capital in excess of par value, common stock 77,000 Cash 77,000 Common stock, no-par value Inventory Machinery 46,000 C. 170,000 96,000 67,500 216,000 Note payable Common stock, $25 par value Paid-in capital in excess of par value, common stock