9. 10.00 points Panne Pharmaceuticals sold 17 million shares of its $1 par commo

Question

9. 10.00 points Panne Pharmaceuticals sold 17 million shares of its $1 par common stock to provide funds for research and If the issue price is $14 per share, what is the journal entry to record the sale of the shares? (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field. Enter your answers in millions(ie, 10,000,000 should be entered as 10)) View transaction list Journal entry worksheet Record the sale of the shares Note: Enter debits before credits General Journal Debit Credit 1 Cash 238.000 Paid-in Record entry Clear entry View general journal 4

Explanation / Answer

9)Cash(db) 17mn*14=238
Common stock(db) 17
Paid in capital excess of par 17*13=221

10)it reacquires at 9 per share but issued at 11 per share
=(5*11)-(5*9)=10mn

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