Accounting Transactions
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On the basis of the explanation for each entry, prepare the entry that should have been made for the capital stock transactions.
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Solution Summary
The solution explains the correct entry to be made for some capital stock transactions undertaken by Art Wyatt Corporation
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The par value goes to capital stock and the difference between the par value and the issue price goes to Additional paid-in Capital.
in May 2 transaction, Par Value is $5 and premium is $7. The entry would be
Cash 144,000
Common Stock 60,000 ( 12,000 ...
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