Rattich Company is authorized to issue 50,000 shares of common stock. The company sold 2,500 shares at
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Rattich Company is authorized to issue 50,000 shares of common stock.
The company sold 2,500 shares at $12 per share. Prepare entries in journal form to record the sale of stock for cash under each of the following independent alternatives: (1) The stock has a par value of $5, and (2) the stock has no par value but a stated value of $1 per share.
Issuance of Stock for Noncash Assets
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