A company began the current year with the following balances in its stockholders’ equity accounts.

All outstanding common stock was issued for $15 per share when the company was created. Prepare journal entries to account for the following transactions during the current year.

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Common stock-$10 par, 500 shares authorized, 200 shares issued and outstanding Paid-in capital in excess of par, common stock .... Retained earnings... Total....... ... $2,000 1,000 5,000 $8,000