Sullivan Limited issued 2,000 shares of no par value common shares for $79,000. Prepare Sullivan's journal entry
Question:
(a) The shares have no par value, and
(b) The shares have a par value of $11 per share.
Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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Related Book For 
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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