Question
Loretta Corporation issued 1,000 shares of stock. Instructions Prepare the entry for the issuance under the following assumptions. (a) The stock had a par value
Loretta Corporation issued 1,000 shares of stock.
Instructions
Prepare the entry for the issuance under the following assumptions.
| (a) | The stock had a par value of $5 per share and was issued for a total of $48,000. |
| (b) | The stock had a stated value of $5 per share and was issued for a total of $48,000. |
| (c) | The stock had no par or stated value and was issued for a total of $48,000. |
| (d) | The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $48,000. |
| (e) | The stock had a par value of $5 per share and was issued for land worth $48,000. |
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Auditing And Assurance Services
Authors: David Ricchiute
7th Edition
0324117760, 978-0324117769
