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20 August, 12:21

East Asian Imports, Inc. issued 15,000 shares of stock at a stated value of $8 per share. The total issue of stock sold for $15 per share. The journal entry to record this transaction would include a

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  1. 20 August, 13:48
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    Dr Cr

    Cash (15,000 * $15) $225,000

    Common Stock $120,000

    (15000 shares * Stated value $8)

    Paid-In Capital in Excess of Stated $105,000

    Value - Common

    ($225,000 - $120,000)
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