Rodriguez corporation issues 14,000 shares of its common stock for $263,800 cash on february 20. prepare journal entries to record this event under each of the following separate situations. the stock has a $18 par value. the stock has neither par nor stated value. the stock has a $9 stated value.

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02-08-2022
Business

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Rodriguez corporation issues 14,000 shares of its common stock for $263,800 cash on february 20. prepare journal entries to record this event under each of the following separate situations. the stock has a $18 par value. the stock has neither par nor stated value. the stock has a $9 stated value.

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Tutorconsortium361 Tutorconsortium361 · Answer 1 · 2022-08-07T21:08:59-04:00

Common stock = 9,000 shares × $18 per share = $162,000

Paid-in capital excess of par value, common stock = $190,400 – $162,000 = $28,400

Common stock = 9,000 shares × $9 per share = $81,000

Paid-in capital in excess of stated value, common stock = $190,400 – $81,000 = $109,400

What is shares?

A share is a financial market unit used in mutual funds, limited partnerships, and real estate investment trusts. The term "share capital" refers to all of an enterprise's shares. The owner of company stock is a shareholder of the corporation.

A company's shares signify its ownership. When a person purchases stock in your company, they become a shareholder. Shareholders elect who manages a firm and participate in critical decisions such as whether a company should be sold.

An online stockbroker is the most convenient way to purchase stocks. You can buy stocks on the broker's website in minutes after opening and financing your account. Another alternative is to use a full-service stockbroker.

Journal entries:

Cash 190,400

Common stock, $18 par value 162,000

Paid-in capital in excess of par value, common stock 28,400

2 Cash 190,400

Common stock, no-par value 190,400

3 Cash 190,400

Common stock, $9 stated value 81,000

Paid-in capital in excess of stated value, common stock 109,400

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Rodriguez corporation issues 14,000 shares of its common stock for $263,800 cash on february 20. prepare journal entries to record this event under each of the following separate situations. the stock has a $18 par value. the stock has neither par nor stated value. the stock has a $9 stated value.

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What is shares?

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