prepare the issuers journal entry for each of the following separate transactions. a. on march 1, atlantic…

prepare the issuers journal entry for each of the following separate transactions. a. on march 1, atlantic company issues 48,500 shares of $3 par - value common stock for $315,500 cash. b. on april 1, op company issues no - par value common stock for $82,000 cash. c. on april 6, mpg issues 3,200 shares of $25 par - value common stock for $51,000 of inventory, $160,000 of machinery, and acceptance of a $101,000 note payable. view transaction list journal entry worksheet < 1 2 3 record the issuance of 3,200 shares of $25 par - value common stock for $51,000 of inventory, $160,000 of machinery, and acceptance of a $101,000 note payable. note: enter debits before credits. transaction general journal debit credit c. record entry clear view general journal

prepare the issuers journal entry for each of the following separate transactions. a. on march 1, atlantic company issues 48,500 shares of $3 par - value common stock for $315,500 cash. b. on april 1, op company issues no - par value common stock for $82,000 cash. c. on april 6, mpg issues 3,200 shares of $25 par - value common stock for $51,000 of inventory, $160,000 of machinery, and acceptance of a $101,000 note payable. view transaction list journal entry worksheet < 1 2 3 record the issuance of 3,200 shares of $25 par - value common stock for $51,000 of inventory, $160,000 of machinery, and acceptance of a $101,000 note payable. note: enter debits before credits. transaction general journal debit credit c. record entry clear view general journal

Answer

Explanation:

Step1: Calculate par - value of issued stock

The par - value of each share is $25 and 3,200 shares are issued. So the par - value of the issued stock is $25\times3200 = $80,000.

Step2: Determine total assets received

The company received $51,000 of inventory, $160,000 of machinery and accepted a $101,000 note payable. The total value of assets received is $51000 + 160000+101000=$312,000.

Step3: Calculate additional paid - in capital

The additional paid - in capital is the total value of assets received minus the par - value of the stock. So it is $312000 - 80000=$232,000.

Step4: Record journal entry

Debit Inventory for $51,000, debit Machinery for $160,000, debit Notes Payable (as it is accepted) for $101,000. Credit Common Stock for $80,000 and credit Additional Paid - in Capital, Common Stock for $232,000.

Transaction General Journal Debit Credit
c. Inventory $51,000
Machinery $160,000
Notes Payable $101,000
Common Stock $80,000
Additional Paid - in Capital, Common Stock $232,000

Answer:

Transaction General Journal Debit Credit
c. Inventory $51,000
Machinery $160,000
Notes Payable $101,000
Common Stock $80,000
Additional Paid - in Capital, Common Stock $232,000