Answer:
Answer and Explanation is below
Explanation:
Gothic Architecture
Number of shares 1,000
Issued value (1,000*$17) 17,000
1. We are going to Record the issuance of common stock at $17 per value because Gothic issues the 1,000 shares of its $1 par value common stock at $17 per share.
Dr Cash (1000 x 17) 17,000
Cr Common Stock (1000 x 1)1,000
Paid in Capital in excess of per value Common 16,000
(17,000-1,000)
2. We are going to Record the issuance of the stock(no par value) if Gothic issued no-par value stock by Debiting Cash with 17,000 and Crediting common stock with the same amount.
Dr Cash 17,000
Cr Common stock 17,000
