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Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It...

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Question

Accounting

Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells 6,000 shares at $19 per share.

Required:

Record the sale of the common stock, given the following independent assumptions:
1. The stock has a par value of $10 per share.
2. The stock is no-par stock, but the board of directors has assigned a stated value of $8 per share.
3. The stock has no par and no stated value.

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