Team Spirit, Inc., issues 240,000 shares of no par common stock for $5 per share. The journal entry is:
|
Cash |
240,000 |
|
|
Common Stock |
240,000 |
|
|
Cash |
1,200,000 |
|
|
Common Stock |
240,000 |
|
|
Gain on the Sale of Stock |
960,000 |
|
|
Cash |
1,200,000 |
|
|
Common Stock |
1,200,000 |
|
|
Cash |
1,200,000 |
|
|
Common Stock |
480,000 |
|
|
Paid in Capital in Excess of Stated Value—Common |
720,000 |