Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 8,000 shares of $20 par value common stock for $192,000 cash.
2. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,000. The stock has a $1 per share stated value.
3. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $33,000. The stock has no stated value.
4. A corporation issued 2,000 shares of $75 par value preferred stock for $183,000 cash.

1.

DR Cash$192,000  

     CR Common stock.  $160,000

     CR Paid-in capital in excess of par value - Common stock  $32,000

Working

Common Stock = $20 * 8,000

= $160,000

Paid-in capital in excess of par value - Common stock = 192,000 - 160,000

= $32,000

2

DR Organization expenses$33,000  

       CR Common stock,  $4,000

     CR Paid-in capital in excess of stated value - common stock  $29,000

Working

Common Stock = 1 * 4,000

= $4,000

Paid-in capital in excess of stated value, common stock = 33,000 - 4,000

= $29,000

3

DR Organization expenses$33,000  

       CR Common stock  $33,000

4

DR Cash$183,000  

        CR Preferred stock  $150,000

        CR Paid-in capital in excess of par value - preferred stock  $33,000

Working

Preferred Stock = 75 * 2,000

= $150,000

Paid-in capital in excess of par value - preferred stock = 183,000 - 150,000

= $33,000

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the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.