See attachment file.Common Stock Issue
Based on the following data, prepare the journal entries for the issue of common
stock under five scenerios:
(1) Stock issued for cash at par value.
(2) Stock issued for cash at stated value equal to par value.
(3) Stock issued for cash with no par or stated value.
(4) Stock issued in exchange for legal services related to organizational expenses
at par value.
(5) Stock issued in exchange for land valued at the same as sales price at par value
Shares of Stock Issued
Sales Price of Stock
Value of Services
Value of Land
The solution explains the journal entries for the given transactions.