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Record the issuance of common stock (LO10-2) E10-3 Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 April 1 Issues 700 shares of common stock for $50 per share. Issues 110 additional shares of common stock for $54 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common stock. 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock.

Record the issuance of common stock (LO10-2) E10-3 Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 April 1 Issues 700 shares of common stock for $50 per share. Issues 110 additional shares of common stock for $54 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common stock. 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock.

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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Record the issuance of common stock (LO10-2) E10-3 Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 April 1 Issues 700 shares of common stock for $50 per share. Issues 110 additional shares of common stock for $54 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common stock. 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock.
Transcribed Image Text:Record the issuance of common stock (LO10-2) E10-3 Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 April 1 Issues 700 shares of common stock for $50 per share. Issues 110 additional shares of common stock for $54 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common stock. 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock.
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