Question

During its first year of operations, Larkspur Corporation had the following transactions pertaining to its common stock.

Jan. 10 Issued 83,700 shares for cash at $7 per share.

Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $37,000 for services rendered in helping the company to incorporate.

July 1 Issued 32,100 shares for cash at $9 per share.

Sept. 1 Issued 63,100 shares for cash at $11 per share.

Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Answer 1