Trepare entries for issuance of no-par value common stock. BE11.3 (LO 2), AP On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. Prepare entries for issuance of stock in a noncash transaction.
Trepare entries for issuance of no-par value common stock. BE11.3 (LO 2), AP On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. Prepare entries for issuance of stock in a noncash transaction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:**Journalizing No-Par Common Stock Transactions**
**BE11.3 (LO 2), AP**
On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share.
*Instructions:* Prepare entries for issuance of no-par value common stock.
*Additional Task:* Prepare entries for issuance of stock in a noncash transaction.
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