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During its first year of operations Mona Corporation had these transactions pertaining to its common stock. Jan 10 Issued 30000 shares for cash at $5 per share July 1 Issued 60000 shares for


During its first year of operations, Mona Corporation had these transactions pertaining to its common stock.

Jan. 10 Issued 30,000 shares for cash at $5 per share. July

1 Issued 60,000 shares for cash at $7 per share.

Instructions

(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.

(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.

Apr 02 2020 View more View Less

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