(L.OBJ. 3) Recording issuance of no-par stock [5—10 min]
Pates, Corp., issued 2,000 shares of no-par common stock for $6 per share.
Requirements
1. Record issuance of the stock if the stock
a. Is true no-par stock and
b. has stated value of $1 per share.
2. Which type of stock results in more total paid-in capital?
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