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Wonder Spring Water Company recently employed a consultant to revise its production and distribution procedures. In order to compensate the consultant, Wonder issued 1,000 shares
Wonder Spring Water Company recently employed a consultant to revise its production and distribution procedures. In order to compensate the consultant, Wonder issued 1,000 shares of its $1 par value common stock. Those shares are not publicly traded, but the board of directors has estimated their value at $45 per share. Prepare the journal entry required to record the transaction. (Record debits first, then credits. Exclude explanations from any journal entries.)
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