Aloha Corporation issues 11,000 shares of its common stock for $111,100 cash on February 20.
1. Assume the stock has neither par nor stated value. Prepare journal entries to record this event.
2. Assume the stock has a $7 par value. Prepare journal entries to record this event.
3. Assume the stock has an $3.5 stated value. Prepare journal entries to record this event.