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Exercises 1. Newhart Corporation issues 20,000 shares of common stock for a total price of $300,000 on January 3, 1989. Prepare the required journal entry under each of the following independent assumptions: (a) The common stock has a par value of $15 per share. (b) The common stock has a par value of $10 per share. (c) The common stock has a par value of $20 per share. (d) The common stock is true no-par stock without a stated value. (e) The common stock is no par stock with a stated value of $10 per share. Date GENERAL JOURNAL Post. Account Titles and Explanations Debit Credit Ref.

Exercises 1. Newhart Corporation issues 20,000 shares of common stock for a total price of $300,000 on January 3, 1989. Prepare the required journal entry under each of the following independent assumptions: (a) The common stock has a par value of $15 per share. (b) The common stock has a par value of $10 per share. (c) The common stock has a par value of $20 per share. (d) The common stock is true no-par stock without a stated value. (e) The common stock is no par stock with a stated value of $10 per share. Date GENERAL JOURNAL Post. Account Titles and Explanations Debit Credit Ref.

FINANCIAL ACCOUNTING
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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Exercises 1. Newhart Corporation issues 20,000 shares of common stock for a total price of $300,000 on January 3, 1989. Prepare the required journal entry under each of the following independent assumptions: (a) The common stock has a par value of $15 per share. (b) The common stock has a par value of $10 per share. (c) The common stock has a par value of $20 per share. (d) The common stock is true no-par stock without a stated value. (e) The common stock is no par stock with a stated value of $10 per share. Date GENERAL JOURNAL Post. Account Titles and Explanations Debit Credit Ref.
Transcribed Image Text:Exercises 1. Newhart Corporation issues 20,000 shares of common stock for a total price of $300,000 on January 3, 1989. Prepare the required journal entry under each of the following independent assumptions: (a) The common stock has a par value of $15 per share. (b) The common stock has a par value of $10 per share. (c) The common stock has a par value of $20 per share. (d) The common stock is true no-par stock without a stated value. (e) The common stock is no par stock with a stated value of $10 per share. Date GENERAL JOURNAL Post. Account Titles and Explanations Debit Credit Ref.
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