Answer:
Cash 49,500 debit
Common Stock 31,000 credit
Additional paid.in 18,500 credit
--to record issuance of shares--
legal fees expense 49,500 debit
Common Stock 31,000 credit
Additional paid.in 18,500 credit
--to record issuance of shares for services--
land 49,500 debit
Common Stock 31,000 credit
Additional paid.in 18,500 credit
--to record issuance of shares for land --
Cash 49,500 debit
Common Stock 49,500 credit
--to record issuance of no-par stock--
Explanation:
We will compare the amount collected from the shares issued against the face value to get the amount of additional paid-in:
3,100 shares x $10 = 31,000
we collect $ 49,500
additional paid-in 18,500
When there is a no-par value we post the entire amount against common stock.
