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Boris forms Boris Incorporated. He issues 1000 shares of stock to himself, at a par...

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Accounting

Boris forms Boris Incorporated. He issues 1000 shares of stock to himself, at a par value of $1.00; paying the corporation $1000.00 for the stock. This is all the stock outstanding and all the capital contributed. During his operation of the corporation, he runs up $10,000 worth of debt to various creditors including $5000 worth of debt to Grutz, for rent. He also pays his person phone bill from corporate funds, and other personal bills with corporate funds. Eventually Boris Incorporated dissolves owing Grutz $5,000.00.

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