Question Content Area Issuing Common Stock Palan Products Inc. sold 46,750 shares of common stock to stockholders at the time of its incorporation. Palan received $48 per share for the stock. Required: Question Content Area 1. Assume that the stock has a $16 par value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area 2. Assume that the stock has a $9 stated value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area 3. Assume that the stock has no par value and no stated value. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select -
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Question Content Area
Issuing Common Stock
Palan Products Inc. sold 46,750 shares of common stock to stockholders at the time of its incorporation. Palan received $48 per share for the stock.
Required:
Question Content Area
1. Assume that the stock has a $16 par value per share. Prepare the
journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank.- Select - - Select - - Select - - Select - - Select - - Select - Question Content Area
2. Assume that the stock has a $9 stated value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank.
- Select - - Select - - Select - - Select - - Select - - Select - Question Content Area
3. Assume that the stock has no par value and no stated value. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank.
- Select - - Select - - Select - - Select - Question Content Area
4. Conceptual Connection: How do the different par values affect total contributed capital and total
stockholders’ equity ?The different par values have
on total capital stock or total stockholders’ equity.
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