(Solution) - Power Net Company is authorized to issue 50 000 shares of -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Pages: 5 Words: 1375

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Power Net Company is authorized to issue 50,000 shares of common stock. On August 1, the company issued 2,500 shares at $25 per share. Prepare entries in Journal form to record the issuance of stock for cash under each of the following alternatives:
1. The stock has a par value of $25.
2. The stock has a par value of $10.
3. The stock has no par value.
4. The stock has a stated value of $1 per share.