Answer and Explanation:
The journal entries are shown below;
On March 1
Cash A/c $303,500
To Common Stock $3 Par value (44,500 × $3) $133,500
To Paid in capital in excess of par value $170,000
(Being the common stock issued is recorded)
On April 1
Cash $74,000
To Common Stock, no par value $74,000
(Being the common stock issued is recorded)
On April 6
Inventory $43,000
Machinery $155,000
To Common Stock (2,400 ×$20) $48,000
To Notes payable $93,000
To Paid in capital in excess of par value $57,000
(Being the shares are issued)
