Red Valley Company is authorized to issue 100,000 shares of common stock. On August 1, the company

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Red Valley Company is authorized to issue 100,000 shares of common stock. On August 1, the company issued 5,000 shares at $25 per share.

Prepare entries in journal form to record the issuance of stock for cash under each of the following alternatives:

1. The stock has a par value of $25.

2. The stock has a par value of $10.

3. The stock has no par value.

4. The stock has a stated value of $1 per share.

Issuance of Stock for Noncash Assets

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Financial Accounting

ISBN: 9780547070025

9th Edition

Authors: Jr. Belverd E. Needles, Marian Powers

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Question Posted: Jun 07, 2024 01:17 AM

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Red Valley Company is authorized to issue 100,000 shares of common stock. On August 1, the company

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Financial Accounting

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