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Record the issuance of common stock the par value

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Reference no: EM133021588

Question - Gothic Architecture is a new chain of clothing stores specializing in the color black. Gothic issues 1,000 shares of its $1 par value common stock at $30 per share.

Record the issuance of the stock. How would the entry differ if Gothic issued no-par value stock? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

1) Record the issuance of common stock above the par value.

2) Record the issuance of common stock at no-par value.

Reference no: EM133021588

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