ACCT202 - A corporation issued 2,000 shares of $20 par value

Accounting 2

Assignment Details

Using the ACCT202_U4_IP_template, prepare journal entries to record each of the following four separate issuances of stock:

1. A corporation issued 2,000 shares of $20 par value common stock for $48,000 cash.
2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,000. The stock has a $5 per share stated value.
3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,000. The stock has no stated value.
4. A corporation issued 500 shares of $25 par value preferred stock for $57,500 cash.