## Answers

a) Journal entry

No | Account and explanation | Debit | Credit |

a | Cash (11000*14) | 154000 | |

Common Stock | 154000 | ||

(To record issue common stock) |

b) Journal entry

No | Account and explanation | Debit | Credit |

b | Cash (11000*14) | 154000 | |

Common Stock | 44000 | ||

Paid in capital in excess of stated value-Common Stock | 110000 | ||

(To record issue common stock) |

2) Both type of stock has same total paid in capital

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