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Simpson Corporation Is Authorized to Issue 100,000 Shares of No-Par

Question 17

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Simpson Corporation is authorized to issue 100,000 shares of no-par stock.The company recently sold 40,000 shares for $13 per share.
a.Prepare the entry in journal form to record the sale of the stock assuming there is no stated value.
b.Prepare the entry in journal form if a $10 stated value is authorized by the company's board of directors.
Simpson Corporation is authorized to issue 100,000 shares of no-par stock.The company recently sold 40,000 shares for $13 per share. a.Prepare the entry in journal form to record the sale of the stock assuming there is no stated value. b.Prepare the entry in journal form if a $10 stated value is authorized by the company's board of directors.

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