Concept explainers
1.
No-par
Common stock: These are the ordinary shares that a corporation issues to the investors in order to raise funds. In return, the investors receives a share of profit from the profits earned by the corporation.
Par value: It refers to the value of a stock that is stated by the corporation’s charter. It is also known as face value of a stock.
To Journalize: the issuance of common stock for Incorporation W.
To Journalize: the issuance of no-par preferred stock for Incorporation W.
To journalize: the purchase of land in exchange common stock issuance by Incorporation W.
2.
To Prepare: the stockholders’ section of the balance sheet of Incorporation W as on September 30, 2016.
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- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College