Question: 7. When a corporation issues stock at par value, the Cash account is debited and the Common Stock account is credited for an amount equal

7. When a corporation issues stock at par value, the Cash account is debited and the Common Stock account is credited for an amount equal to the number of shares issued times the par value per share.

True

False

8.When stock is issued for assets other than cash, the transaction is recorded at the market value of the stock issued or the market value of the assets received, whichever is more clearly determinable.

True

False

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