Question

LA PECULLIDSROR/ Mb/s 1. Using the followi z information prepare the journal entries necessary to complete the problems. G Corp has 20k shares authorized and has decided to sell 12K shares at $9 per share. Use this information for the following three events. A. The shares sold had no par or stated value. B. The shares sold had a par value of $3 per share. C. The shares sold had no par but a stated value of $2 per share. 2. Same thing as question 1, but with the following information. F. Corp has 5OK shares authorized and sold every share at a price of $12 per share. A. The share sold had no par or stated value B. The shares sold had no par value, but stated value was $8 per share. C. The shares sold had no stated value, but par was $1 per share.

any solutiins

Answer 1

Credit Journal Entries in the books of G Corp Account titles Debit A Cash $ 108,000 Common Stock (Being Shares sold at No par or stated value) |(12000*9) $108.000 $ 108,000 B Cash Common Stock Paid in Capital Excess of par (Being Shares Sold at par value of $3 per share) $ 36,000 (12000*3) $ 72,000 (12000*6) $ 108,000 C Cash Common stock Paid in Capital Excess of Stated Value (Being Shares sold at Stated value of $2 per Share) $ 24,000 (12000*2) $ 84,000 (12000*7) Journal Entries in the books of F Corp Account titles Debit | Credit A Cash $600,000 Common Stock $600,000 (Being Shares sold at No par or stated value) (50000*12) $600.000 B Cash Common stock Paid in Capital Excess of Stated Value |(Being Shares sold at Stated value of $8 per Share) |(50000*12) $400,000 (50000*8) $200,000 (50000*4) $600,000 C Cash Common Stock Paid in Capital Excess of par (Being Shares Sold at par value of $1 per share) $ 50,000 (50000*1) $550,000 (50000*11)