Rodriguez Corporation issues 11,000 shares of its common stock for $100,100 cash

Question

Rodriguez Corporation issues 11,000 shares of its common stock for $100,100 cash on February 20.

1.Assume the stock has a $8 par value. Prepare journal entries to record this event.

A)Record the issue of 11,000 shares of $8 par value common stock for $100,100 cash.

2.Assume the stock has neither par nor stated value. Prepare journal entries to record this event.

A)Record the issue of 11,000 shares of no-par, no-stated value common stock for $100,100 cash.

3.

Assume the stock has an $4 stated value. Prepare journal entries to record this event.
A)

• Record the issue of 11,000 shares of $4 stated value common stock for $100,100 cash.

Explanation / Answer

1.

2.

3.

Cash 100,100 Common Stock 88,000 Additional Paid-In Capital 12,100

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