To expand operations, Aragon Consulting issued 1,800 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. Required: 1-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance. 1-b. Prepare the journal entry for the stock issuance. 2-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $2. 2-b. Prepare the journal entry for the stock issuance, if the par value were $2 per share.

This transaction would certainly mean an increase in the current assets (cash account) and an increase in equity (common stock and additional paid in capital accounts).

If the par value was $2 per stock, then the journal entry should have been:

Dr Cash 50,000

Cr Common stock 2,000

Cr Additional paid in capital 48,000

Finally, the difference is that common stock account will increase by $2,000 instead of $1,000, and additional paid in capital account will increase by only $48,000. However, both accounts are part of stockholders' equity.

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