Journal entry to record this transaction
On 7/14, the corporation sold 25,000 shares of $5 Par value Common Stock for $30 per share. Please give the journal entry to record this transaction. Include an entry for Paid-in-Capital in Excess of Par.
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20X1, $ 760,000; 20X2, $ 1,250,000; 20X3, $ 0; 20X4, $ 3,020,000; 20X5, $ 120,000; and 20X6, $ 1,000,000. During the entire period, the outstanding stock of the company was composed of 600,000 shares of cumulative, nonparticipating 2%, $20 Par Pre
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