Grossman Corporation issued 1,000 shares of stock.
Instructions:
Prepare the entry for the issuance under the following assumptions.
a. The stock had a par value of $5 per share and was issued for a total of $52,000. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
b. The stock had a stated value of $5 per share and was issued for a total of $52,000. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
c. The stock had no par or stated value and was issued for a total of $52,000.
d. The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,000. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
e. The stock had a par value of $5 per share and was issued for land worth $52,000. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)