Par Value and No-Par Stock Issuance
Response to the following problem:
Cutler Corporation is authorized to issue 10,000 shares of common stock. It sells 6,000 shares at $19 per share.
Required
Record the sale of the common stock, given the following independent assumptions:
1. The stock has a par value of $10 per share.
2. The stock is no-par stock, but the board of directors has assigned a stated value of $8 per share.
3. The stock has no par and no stated value.