Hello, I need help with the following question(s): rCh 11 Exercises xHello, I Ne

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Hello, I need help with the following question(s):

rCh 11 Exercises xHello, I Need Help With x ? ? ??Secure l https://newconnect.mheducation.com/flow/connect.html Ch 11 Exercises Help Save & Exit Submit Saved Check my work Exercise 11-2 Accounting for par, stated, and no-par stock issuances LO P1 3.88 pcinis Rodriguez Corporation Issues 19,000 shares of Its common stock for $152,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $2 pr value 2. The stock has neither par nor sated value 3. The stock has a $5 stated value eBook Hint Piint References View transaction list Journal entry worksheet Record the issue of 19,000 shares of $2 par value common stock for 152,000 cash Note: Enter debits before credits Mc Graw Pre 9 of 13 Net > R ^ 41) 7/24/2018 7-10 PM O Type here to search

Explanation / Answer

Journal entries

Situation 1-Common stock issue at Par value of $2

Cash

$ 152,000.00

         Common Stock

$    38,000.00

          Paid in Capital in excess of Par value-Common Stock

$ 114,000.00

(Common Stock issued at Par $2 per Share)

Situation 2-Common stock issue at no par or stated value

Cash

$ 152,000.00

             Common Stock

$ 152,000.00

(common stock issued with no Par or Stated Value)

Situation 3-Common Stock issued at Stated value of $5

Cash

$ 152,000.00

         Common Stock

$    95,000.00

          Paid in Capital in excess of Stated value-Common Stock

$    57,000.00

(Common stock issued at Stated value of $5 per Common stock)

Notes.

When shares are issued at neither Par nor Stated value then whole proceeds from issue are credited to Common stock account.

When stated value is given and Par value is not given then common stock is credited with stated value and difference is credited to Paid in capital in excess of Stated value.

Journal entries

Situation 1-Common stock issue at Par value of $2

Cash

$ 152,000.00

         Common Stock

$    38,000.00

          Paid in Capital in excess of Par value-Common Stock

$ 114,000.00

(Common Stock issued at Par $2 per Share)

Situation 2-Common stock issue at no par or stated value

Cash

$ 152,000.00

             Common Stock

$ 152,000.00

(common stock issued with no Par or Stated Value)

Situation 3-Common Stock issued at Stated value of $5

Cash

$ 152,000.00

         Common Stock

$    95,000.00

          Paid in Capital in excess of Stated value-Common Stock

$    57,000.00

(Common stock issued at Stated value of $5 per Common stock)

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