Business, 09.05.2020 06:57 Delgadojacky0206

Prepare journal entries to record the following four separate issuances of stock.
A corporation issued 6,000 shares of $20 par value common stock for $144,000 cash.
A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,000. The stock has a $1 per share stated value.
A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,000. The stock has no stated value.
A corporation issued 1,500 shares of $50 par value preferred stock for $116,000 cash.

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Answer from: 24elkinsa

A journal entry was prepared for the for questions given, the records entered is shown below in the explanation section

Explanation:

Solution

JOURNAL ENTRIES

(1) Cash $144,000

Common stock (6000 *20) $120,000

Excess capital paid

(144000-120000) $24,000

(2) Organisation expense $41,000

Common stock (3000 *1) $3,000

Excess capital paid

(41000-3000) $38,000

(3) Organisation expense $41,000

common stock

(3000 shares worth $41000 issued) $41,000

(4) Cash $116,000

Preferred stock (1500 *50) $75,000

Excess capital paid (116000-75000) $41,000

Answer from: Quest

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

Answer from: Quest

How is this a question and how u need an answer for this

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Prepare journal entries to record the following four separate issuances of stock.
A corporatio...

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