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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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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