Almont Corporation is authorized to issue 2,000 shares of common stock. Record the journal entry for each of the following independent situations. Assume Almont issues 1,000 shares at $14 on August 31.
a) Common stock has a $11 per share par value.
b) Common stock has no par value and no stated amount.
c) Common stock is no-par stock with a stated value of $7 per share.

Question

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The Answer of Almont Corporation is authorized to issue 2,000 shares of common stock. Record the journal entry for each of the following independent situations. Assume Almont issues 1,000 shares at $14 on August 31.
a) Common stock has a $11 per share par value.
b) Common stock has no par value and no stated amount.
c) Common stock is no-par stock with a stated value of $7 per share.

Almont Corporation Is Authorized to Issue 2,000 Shares of Common