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    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.

    © BrainMass Inc. brainmass.com March 4, 2021, 11:23 pm ad1c9bdddf
    https://brainmass.com/business/the-accounting-cycle/grossman-corporation-exercise-418179

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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.

    $2.49

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