Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells 8,000 shares at $16 per share. Required: Record the sale of the common stock, given the following independent assumptions: 1. The stock has a par value of $10 per share. 2. The stock is no-par stock, but the board of directors has assigned a stated value of $8 per share. 3. The stock has no-par and no stated value. ASSETS REVENUE 411 Sales Revenue 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance EXPENSES 500 Cost of Goods Sold 181 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense EQUITY 311 Common Stock 320 Additional Paid-in Capital on Common Stock 331 Retained Earnings Record the sale of the common stock, given the following independent assumptions on December 31: 1. The stock has a par value of $10 per share. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 2. The stock is no-par stock, but the board of directors has assigned a stated value of $8 per share. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 2 3 3. The stock has no-par and no stated value. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2