FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells 5,000 shares at $16 per share.
Required:
| Record the sale of the common stock, given the following independent assumptions: |
| 1. | The stock has a par value of $10 per share. |
| 2. | The stock is no-par stock, but the board of directors has assigned a stated value of $8 per share. |
| 3. | The stock has no-par and no stated value. |
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