E12-4 Grossman Corporation Exercise
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Grossman Corporation issued 1,000 shares of stock.
Instructions:
Prepare the journal entry for the issuance under the following assumptions:
1. The stock had a par value of $5 per share and was issued for a total of $52,000.
2. The stock had a stated value of $5 per share and was issued for a total of $52,000.
3. The stock had no par or stated value and was issued for a total of $52,000
4. The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,000.
5. The stock had a par value of $5 per share and was issued for land worth $52,000.
See the attached file.
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Solution Summary
This file contains sample journal entries for the Grossman Corporation (Exercise E12-4), which would be utilized for the issuance of stock.
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