Laguna's Corporation issued 30,000 shares of $5 par value common stock for $300,000.The journal entry to record the transaction is:

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The journal entry must record the issuance of 30,000 shares of $5 par value common stock, which were sold for a total of $300,000. The par value of the stock is $5 multiplied by 30,000, which equals $150,000. Therefore, we credit Common Stock for $150,000. The difference between the total amount received from the sale of the stock and the par value of the stock is called Additional Paid-In Capital. In this case, it is $300,000 - $150,000 = $150,000. So, we debit Cash for $300,000, credit Common Stock for $150,000, and credit Additional Paid-In Capital for $150,000. The correct journal entry is:

Cash 300,000
Common Stock 150,000
Additional Paid-In Capital 150,000

Laguna's Corporation Issued 30,000 Shares of $5 Par Value Common