Burgess Corporation began business by issuing 200,000 shares of $5 par value common stock for $24 per share. During its first year, the corporation sustained a net loss of $20,000. The year-end balance sheet would show

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The common stock is calculated by multiplying the number of shares issued (200,000) by the par value per share ($5), resulting in $1,000,000.

Burgess Corporation Began Business by Issuing 200,000 Shares of $5