Major Sports plans to raise $5,900,000 in an initial public offering of its common stock. The...

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Major Sports plans to raise $5,900,000 in an initial public offering of its common stock. The company is considering three options: a. Issue 118,000 shares of $1 par value common stock for $50 per share. b. Issue 590,000 shares of $1 par value common stock for $10 per share. c. Issue 1,180,000 shares of $1 par value common stock for $5 per share. Required: Record the issuance of common stock for each option. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Issue 118,000 shares of $1 par value common stock for $50 per share. Note: Enter debits before credits. Transaction a Cash Common Stock Additional Paid-in Capital General Journal Debit Credit 590,000 118,000 4,900,000 Record entry Clear entry View general journal Major Sports plans to raise $5,900,000 in an initial public offering of its common stock. The company is considering three options: a. Issue 118,000 shares of $1 par value common stock for $50 per share. b. Issue 590,000 shares of $1 par value common stock for $10 per share. c. Issue 1,180,000 shares of $1 par value common stock for $5 per share. Required: Record the issuance of common stock for each option. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Issue 590,000 shares of $1 par value common stock for $10 per share. Note: Enter debits before credits. Transaction b Cash Common Stock Additional Paid-in Capital General Journal Debit Credit 5,000,000 500,000 4,500,000 Record entry Clear entry View general journal > Major Sports plans to raise $5,900,000 in an initial public offering of its common stock. The company is considering three options: a. Issue 118,000 shares of $1 par value common stock for $50 per share. b. Issue 590,000 shares of $1 par value common stock for $10 per share. c. Issue 1,180,000 shares of $1 par value common stock for $5 per share. Required: Record the issuance of common stock for each option. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Issue 1,180,000 shares of $1 par value common stock for $5 per share. Note: Enter debits before credits. Transaction C Cash Common Stock Additional Paid-in Capital General Journal Debit Credit 5,000,000 1,000,000 4,000,000 Record entry Clear entry View general journal Major Sports plans to raise $5,900,000 in an initial public offering of its common stock. The company is considering three options: a. Issue 118,000 shares of $1 par value common stock for $50 per share. b. Issue 590,000 shares of $1 par value common stock for $10 per share. c. Issue 1,180,000 shares of $1 par value common stock for $5 per share. Required: Record the issuance of common stock for each option. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Issue 118,000 shares of $1 par value common stock for $50 per share. Note: Enter debits before credits. Transaction a Cash Common Stock Additional Paid-in Capital General Journal Debit Credit 590,000 118,000 4,900,000 Record entry Clear entry View general journal Major Sports plans to raise $5,900,000 in an initial public offering of its common stock. The company is considering three options: a. Issue 118,000 shares of $1 par value common stock for $50 per share. b. Issue 590,000 shares of $1 par value common stock for $10 per share. c. Issue 1,180,000 shares of $1 par value common stock for $5 per share. Required: Record the issuance of common stock for each option. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Issue 590,000 shares of $1 par value common stock for $10 per share. Note: Enter debits before credits. Transaction b Cash Common Stock Additional Paid-in Capital General Journal Debit Credit 5,000,000 500,000 4,500,000 Record entry Clear entry View general journal > Major Sports plans to raise $5,900,000 in an initial public offering of its common stock. The company is considering three options: a. Issue 118,000 shares of $1 par value common stock for $50 per share. b. Issue 590,000 shares of $1 par value common stock for $10 per share. c. Issue 1,180,000 shares of $1 par value common stock for $5 per share. Required: Record the issuance of common stock for each option. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Issue 1,180,000 shares of $1 par value common stock for $5 per share. Note: Enter debits before credits. Transaction C Cash Common Stock Additional Paid-in Capital General Journal Debit Credit 5,000,000 1,000,000 4,000,000 Record entry Clear entry View general journal