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Power Net Company is authorized to issue 50,000 shares of common stock. On August 1, the company issued 2, 500 shares at $25 per share.

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Power Net Company is authorized to issue 50,000 shares of common stock. On August 1, the company issued 2, 500 shares at $25 per share. Prepare entries in journal form to record the issuance of stock for cash under each of the following alternatives: The stock has a par value of S25. The stock has a par value of $10. The stock has no par value. The stock has a stated value of $1 per share

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