Prepare journal entries to record the following four separate issuances of stock.
A corporation issued 6,000 shares of $20 par value common stock for $144,000 cash.
A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,000. The stock has a $1 per share stated value.
A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,000. The stock has no stated value.
A corporation issued 1,500 shares of $50 par value preferred stock for $116,000 cash.

A journal entry was prepared for the for questions given, the records entered is shown below in the explanation section

Explanation:

Solution

JOURNAL ENTRIES

(1)  Cash                                   $144,000

    Common stock (6000 *20)                            $120,000

    Excess capital paid

   (144000-120000)                                             $24,000

(2) Organisation expense   $41,000

    Common stock (3000 *1)                                 $3,000

    Excess capital paid

      (41000-3000)                                                 $38,000

(3) Organisation expense         $41,000

    common stock

    (3000 shares worth $41000 issued)               $41,000

(4)  Cash                                    $116,000

     Preferred stock (1500 *50)                              $75,000

     Excess capital paid (116000-75000)              $41,000

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