Letson Corporation is authorized to issue 100,000 common shares. During its first two years of operation, Letson

Question:

Letson is authorized to issue 100,000 common shares. During its first two years of operation, Letson issued 60,000 shares.
(a) After this transaction, how many more shares is Letson able to issue?
(b) Are both authorized and issued shares recorded in the general journal?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...