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Century Corporation issued 300,000 shares of $6 par value common stock at the time of its incorporation. The stock was issued for cash at a
Century Corporation issued 300,000 shares of $6 par value common stock at the time of its incorporation. The stock was issued for cash at a price of $11 per share. During the first year of operations, the company sustained a net loss of $60,000. The year-end balance sheet would show the balance of the Common Stock account to be:
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