Prepare the issuer's journal entry for each of the following separate transactions.
A. On March 1, Atlantic Co. issues 45,000 shares of $3 par value common stock for $305,000 cash.
B. On April 1, OP Co. issues no-par value common stock for $75,000 cash.
C. On April 6, MPG issues 2,500 shares of $25 par value common stock for $44,000 of inventory, $160,000 of machinery, and acceptance of a $94,000 note payable.

Part A. The common stock is always recorded at par which is $3 per share here and the Capital Paid In is the remainder amount which is calculated as under:

Capital Paid In = Cash Received - Common Stock

Here,

Capital Received is $305,000

Capital Stock = 45,000 shares * $3 par value = $135,000

By putting the values, we have:

Capital Paid In = $305,000 - $135,000 = $170,000

Double Entry would be:

Dr Cash $305,000

Cr Common Stock $135,000

Cr Capital Paid In $170,000

Part B. The common stock of the stocks that are issued at no par value is always recorded at money received which means there is no capital paid-in.

Double Entry would be:

Dr Cash $75,000

Cr Common Stock $75,000

Part C. The inventory received is worth $44,000 which would be debited to inventory account. In exchange of inventory $44,000 and machinery worth $160,000 (Machinery will also be debited), 2500 shares having $25 par value (common stock will be credited at par and the excess of par would be capital paid-in) and $94,000 note payables were issued (Note payable would be credited at $94,000).

Double Entry would be:

Dr Inventory $44,000

Dr Machinery $160,000

Cr Note Payable $94,000

Cr Common Stock (2000 * $25) $50,000

Cr Capital Paid In (Balancing Figure) $60,000