Unit 5 Assignment 2 – Equity Entries

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AC216Unit5Assignment2-EquityEntries.xlsx
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Problem 2

Equity Journal Entries
a. The stock has a $2 par value.
b. The stock has neither par nor stated value.
c. The stock has a $5 stated value.
No General Journal Debit Credit
A
B
C

Salem Corporation issues 19,000 shares of its common stock for $152,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.