Pharoah Company issued 2,400 shares of stock. Prepare the entry for the issuance under the following independent
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Question:
Pharoah Company issued 2,400 shares of stock.
Prepare the entry for the issuance under the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
| (a) | The stock had a par value of $10 per share and was issued for a total of $45,600. | |
| (b) | The stock had a stated value of $10 per share and was issued for a total of $45,600. | |
| (c) | The stock had no par or stated value and was issued for a total of $45,600. | |
| (d) | The stock had a par value of $10 per share and was issued to attorneys for services provided during incorporation valued at $45,600. | |
| (e) | The stock had a par value of $10 per share and was issued for land worth $45,600. |
Expert Answer:
Solution No Account Titles and Explanation Debit Credit a Cash 45600 Common stock 240010 24000 Paid... View the full answer
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