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Prepare the entry in journal form to record the sale

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Question - Been Brothers Inc is authorized to issue 100,000 shares of no-par stock. The company recently sold 40,000 shares for $13 per share.

a. Prepare the entry in journal form to record the sale of the stock assuming there is no stated value.

b. Prepare the entry in journal form if a $10 stated value is authorized by the company's board of directors.

Reference no: EM133119344

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