Solutions for 32 & 33

2) Duluth Corporation is authorized to issue 3,000 shares of c common stock. Record the journal entry for each of the following independent situations. Assume Duluth issues 600 shares at $12 on August a. Common stock has a $10 per share par value. b. Common stock has no par value and no stated amount. c. Common stock is no-par stock with a stated value of $8 per share. EXTRA CREDIT February 1, Sysco received 33) Journalize the transactions for the stock subscription plan for Sysco Company. On subscriptions for 50 shares of $10 par value common stock at $14 per share. The buyer will pay two equal installments on March 1 and June 1. Assume all payments are made as scheduled and the company issues the stock after the June 1 collection