Distinguish between publicly held and privately (or closely) held corporations.
Answer to relevant QuestionsHow does the Model Business Corporation Act affect the way corporations operate?The par value of shares historically indicated the real value of shares and all shares were issued at that price. The concept has changed with time. Describe the meaning of par value as it has evolved to today.When a corporation acquires its own shares, those shares assume the same status as authorized but unissued shares, as if they never had been issued. Explain how this is reflected in the accounting records if the shares are ...Penne Pharmaceuticals sold 8 million shares of its $1 par common stock to provide funds for research and development. If the issue price is $12 per share, what is the journal entry to record the sale of the shares?Following is a recent Microsoft press release:REDMOND, Wash.—September 18, 2009— Microsoft Corp. today announced that its board of directors declared a quarterly dividend of $0.13 per share. The dividend is payable ...
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