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To expand operations, Aragon Consulting issued 187,000 shares of previously unissued stock with a par value of $1. Investors purchased the stock for $32 per share. Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Sale of the above stock. Sale of above stock if the par value was $5 per share.

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tanseershar

Answer:

The answer is given below;

Explanation:

1.Stock issued with par value of $1

Cash  187,000*32      Dr.$ 5,984,000

Common Stocks 187,000*1   Cr.$187,000

Paid in Capital-Common stocks 187,000*(32-1) Cr.$5,797,000

2.Stock issued  with par value of $5

Cash 187,000*32     Dr.$5,984,000

Common Stocks 187,000*5    Cr.$935,000

Paid in Capital-Common Stocks 187,000*(32-5) Cr.$5,049,000

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