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In the corporate charter that it received on May 1, 2011, Norris Company was authorized to issue 15,000 shares of common stock. The company issued

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In the corporate charter that it received on May 1, 2011, Norris Company was authorized to issue 15,000 shares of common stock. The company issued 1,000 shares immediately for $82 per share, cash. On July 2, the company issued 100 shares of stock to a lawyer to satisfy a $8,400 bill for legal services rendered in organizing the corporation. On July 5, the company issued 1,000 shares to the principal promoter of the corporation in exchange for a patent. Another 200 shares were issued to this same person for costs incurred and services rendered in bringing the corporation into existence. The market value of the stock was $84 per share. a. Set up T-accounts, and post these transactions. Then prepare a balance sheet for the Norris Company as of 5, 2011, assuming the authorized stock has a par value of $75 per share

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