Find what journal entry to record the issuance of stock

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Reference no: EM132817869

Problem 1: Blue Company is authorized to issue 500,000 shares of no-par value common stock. The stock has a stated value of $1 per share. Blue issues 50,000 shares for $250,000. The journal entry to record the issuance of stock includes a credit to:

Option 1: Cash, $250,000
Option 2: Common stock, $50,000
Option 3: Common stock, $250,000
Option 4: Common stock, $50,000, and Paid-in-capital, $225,000
Option 5: None of the above

Problem 2: Red Company is authorized to issue 500,000 shares of $1 par value common stock. Red issues 50,000 shares for $250,000. The journal entry to record the issuance of stock includes a credit to:

Reference no: EM132817869

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