[jlwolff]

I'm working on a income statement, balance sheet and statement of retained earnings. At the start of the fiscal year they had $2,396,095 in common stock. During the fiscal year they issues 5,244 shares of stock at $56.75 per share. Where do I correctly place the newly issued stock on the financial statements? Thanks :)

[pready]

You will have to know the par value of the stock. Now take the par value times the number of shares issued to get your common stock amount.

Take the number of shares issued times the purchase price per share to get your total cash received.

The difference between your common stock amount and the total amount will go to additional paid-in capital.

Here is your journal entry:
Debit Cash for the total amount received
Credit Common Stock for the amount received at par value
Credit Additional Paid-in Capital for the difference between the two amounts

If there is no par value or the amount is $1 then there will not be an additional paid-in amount, which means that the amount of cash received will be the same as the common stock amount.