The company issued 10,000 shares of $1 par common stock for cash of $40 per share. Make

Question:

The company issued 10,000 shares of $1 par common stock for cash of $40 per share. Make the necessary journal entry.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...