Rodriguez Corporation issues 19,000 shares of its common stock for $152,000 cash on February 20.
Prepare journal entries to record this event under each of the following separate situations.
The stock has a $2 par value.
The stock has neither par nor stated value.
The stock has a $5 stated value
Cash is debited by $152,000; Common stock and Paid-in capital are credited by $38,000 and $114,000.
Cash is debited by $152,000; Common stock is credited by $152,000.
Cash is debited by $152,000; Common stock and Paid-in capital are credited by $95,000 and $57,000.

The company issues common stocks to shareholders who have voting rights. After paying preferred shareholders, they are entitled to dividends and capital payback. Journal entries are stated below :

1. The Journal entries for the stock have a $2 par value in the company is:

Date Account and explanation Debit$ Credit$

Feb 20 Cash 152000

Common Stock, $2 par value 38000

Paid in the capital, in excess of par value, 114000

common stock

(To sell and issued 19000 shares of $2

par value common Stock at $152,000)

2. The Journal entries for the stock have neither par nor stated value.

Date Account and explanation Debit$ Credit$

Feb 20 Cash 152000

Common Stock, $2 par value 152000

(To issue 19000 shares of no par value

Stock at $152,000)

3. The entries for the stock have a $5 stated value in the company is

Date Account and explanation Debit$ Credit$

Feb 20 Cash 152000

Common Stock, $2 par value 95000

Paid in the capital, in excess of par value 57000

, common stock

(To issue 19000 shares of $5 stated

value at $152,000)

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