30) If no-par stock is issued without a stated value, then A) the par value is automatically S1 per share. B) there is no legal capital. C) the entire proceeds are considered to be legal capital. D) the corporation is automatically in violation of its state charter.

30) If no-par stock is issued without a stated value, then A) the par value is automatically S1 per share. B) there is no legal capital. C) the entire proceeds are considered to be legal capital. D) the corporation is automatically in violation of its state charter.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

30) If no-par stock is issued without a stated value, then
A) the par value is automatically S1 per share.
B) there is no legal capital.
C) the entire proceeds are considered to be legal capital.
D) the corporation is automatically in violation of its state
charter.

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