Question:
Loretta Corporation issued 1,000 shares of stock.
Instructions
Prepare the entry for the issuance under the following assumptions.
(a) The stock had a par value of $5 per share and was issued for a total of $48,000.
(b) The stock had a stated value of $5 per share and was issued for a total of $48,000.
(c) The stock had no par or stated value and was issued for a total of $48,000.
(d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $48,000.
(e) The stock had a par value of $5 per share and was issued for land worth $48,000.