Question

Sussex Company is authorized to issue 100,000 shares of common stock. On August 1, the company issued 5,000 shares at $25 per share. Prepare journal entries to record the issuance of stock for cash under each of the following alternatives:
(1) The stock has a par value of $25;
(2) The stock has a par value of $10;
(3) The stock has no par value;
(4) The stock has a stated value of $1 per share.



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  • CreatedMarch 26, 2014
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