IThe following Information applies to the questions displayed below. The followi

Question

IThe following Information applies to the questions displayed below. The following press release was issued by Haynes International: NEW YORK, March 19 (Reuters)-Haynes International Inc., a producer of high-performance nickel and cobalt- based alloys, on Monday raised $210.0 million with a U.S. initial public offering that was priced above the forecast range The 3.5-million-share offering was sold for $60 per share, compared with a $56 to $59 forecast range. value: 10.00 points Required: 1. Record the issuance of stock, assuming the stock was no-par value common stock. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as view transaction list view general journal Journal Entry Worksheet Record the issuance of stock, assuming the stock was no-par value common stock Transaction General Journal Debit Credit Enter debits before credits done clear entry record entry

Explanation / Answer

Recording issuance of stock with no-par value: (Amounts in million dollars)

Date

Particulars

Debit

Credit

Cash

210

        Common stock-no par value

210

(To record the issue of stock)

Recording issuance of stock with par value of $1:

Date

Particulars

Debit

Credit

Cash

210

                  Common stock

3.5

                   Paid in capital in excess of par value

206.5

(To record the issue of stock)

Date

Particulars

Debit

Credit

Cash

210

        Common stock-no par value

210

(To record the issue of stock)

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