A corporation issued 5,000 shares of its no par common stock that was assigned a $1...
A corporation issued 5,000 shares of its no par common stock that was assigned a $1 stated value per share. The issue price was $10 per share. The entry to record this transaction would be
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Debit Cash $50,000; credit Paid-in Capital in Excess of Stated Value, Common Stock $45,000; credit Common Stock $5,000.
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Debit Cash $50,000; credit Common Stock $50,000.
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Debit Common Stock $50,000; credit Cash $50,000.
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Debit Treasury Stock $50,000; credit Cash $50,000.
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Debit Common Stock $25,000; debit Paid-in Capital in Excess of Par Value, Common Stock $5,000; credit Common Stock $45,000.
Homework Answers
Answer: Debit Cash $50,000; credit Paid-in Capital in Excess of Stated Value, Common Stock $45,000; credit Common Stock $5,000.
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A corporation issued 5,000 shares of its no par common stock
that was assigned a $1...
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1. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share....
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