Rodriguez Corporation issues 11,000 shares of its common stock for $100,100 cash on February 20.
1.Assume the stock has a $8 par value. Prepare journal entries to record this event.
A)Record the issue of 11,000 shares of $8 par value common stock for $100,100 cash.
2.Assume the stock has neither par nor stated value. Prepare journal entries to record this event.
A)Record the issue of 11,000 shares of no-par, no-stated value common stock for $100,100 cash.
3.Assume the stock has an $4 stated value. Prepare journal entries to record this event.
A)Record the issue of 11,000 shares of $4 stated value common stock for $100,100 cash.