Lucy Corporation was authorized to issue 29,000 shares of common stock. Record the journal entry for each

Question:

Lucy Corporation was authorized to issue 29,000 shares of common stock. Record the journal entry for each of the following independent situations, assuming Lucy issues 6,300 shares at $13 on July 20, 201X:

1. Common stock has an $11 par value.

2. Common stock has no-par and no stated value.

3. Common stock is no-par stock with a stated value of $5.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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...

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