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When Wisconsin Corporation was formed on January 1, the corporate charter provided for 88,500 shares of $12 par common stock. During its first month of
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 88,500 shares of $12 par common stock. During its first month of operation, the corporation issued 6,470 shares of stock at a price of $21 per share. The entry to journalize the stock issue would include a a. debit to Cash for $77,640 b. credit to Paid-In Capital in Excess of Pro 558,230 c. debit to Common Stock for $500 d. credit to Common Stock for $135,870
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