Answered by AI, Verified by Human Experts
The journal entries to record the issuance of 19,000 shares of commonstockfor $152,000 cash would differ based on the situation. When the stock has a par value of $52, both the cash and common stock accounts are debited and credited for the same amount. If the stock has neither par nor stated value, the cash and common stock accounts are debited and credited for the total amount received.1. Situation: The stock has a $52 par value.Journal Entry:Debit: Cash (19,000 shares x $52) = $988,000Credit: Common Stock (19,000 shares x $52) = $988,000In this situation, since the stock has a par value of $52, the journal entry would involve debiting the cash account for the total amount received from the issuance of 19,000 shares, which is $988,000 (19,000 shares x $52). Simultaneously, the common stock account iscreditedfor the same amount, reflecting the par value of the shares issued.2. Situation: The stock has neither par nor stated value.Journal Entry:Debit: Cash (amount received) = $152,000Credit: Common Stock (amount received) = $152,000When the stock has neither a par value nor a stated value, the full amount received from the issuance of shares is recorded. In this case, the cash account is debited for $152,000, which represents the cash received. The common stock account is then credited for the same amount,reflectingthe issuance of shares without a designated value.3. Situation: The stock has a $5 stated value.Journal Entry:Debit: Cash (19,000 shares x $5) = $95,000Credit: Common Stock (19,000 shares x $5) = $95,000Credit: Paid-in Capital in Excess of Stated Value = $57,000When the stock has a stated value, the journal entry includes debiting the cash account for the amount received from the issuance of 19,000 shares multiplied by the stated value of $5, which equals $95,000. The common stock account is credited for the same amount, reflecting the stated value of the shares issued. Additionally, any excess of the amount received over thestatedvalue is recorded as a credit to the "Paid-in Capital in Excess of Stated Value" account. In this case, the excess is $57,000 ($152,000 - $95,000), which is recorded as a credit.For more such questions onstock, click on:brainly.com/question/26128641#SPJ11...