Explain common stock is no-par value with a stated value, Accounting Basics

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Explain common stock is no-par value with a stated value

During its first year of operations, Pele Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share. July 1 Issued 60,000 shares for cash at $7 per share.

a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.

b) Journalize the transactions, assuming that the common stock is no-par value with a stated value of $1 per share.

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Accounting Basics: Explain common stock is no-par value with a stated value

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Accounting Basics: Explain common stock is no-par value with a stated value

Reference No:- TGS0716791

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Explain common stock is no-par value with a stated value

Reference No:- TGS0716791

Recent Questions Asked Accounting Basics

Q : How to prepare the amortization schedule

Q : What is the internal rate of return on this project

Q : Discuss the labor price variance labor quantity variance

Q : Discuss the summary invoice number for these invoices

Q : Explain common stock is no-par value with a stated value

Q : What possibilities exist

Q : Prepare the journal entries for the dukas company

Q : What journal entry would be needed

Q : Compute total fixed costs at the break-even point

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