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Rodriguez Corporation issues 6,000 shares of its common stock for $81,800 cash on February 20.
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1.
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Assume the stock has a $6 par value. Prepare journal entries to record this event.
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Feb 20: Record the issue of 6,000 shares of $6 par value common stock for $81,800 cash.
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2.
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Assume the stock has neither par nor stated value. Prepare journal entries to record this event.
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Feb. 20: Record the issue of 6,000 shares of no-par, no-stated value common stock for $81,800 cash
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3.
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Assume the stock has an $3 stated value. Prepare journal entries to record this event.
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Feb. 20: Record the issue of 6,000 shares of $3 stated value common stock for $81,800 cash.