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.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 2MC: Issued stock is defined as stock that ________. A. is available for sale B. that is held by the...
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![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3cfe694f-4b76-4d26-908e-ef5e9d8f46dc%2F3b807065-8f48-4326-92f1-f83988ea02e5%2Fpj69il_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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