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30 December, 12:54

Q 11.19: Clayworks Corporation issued 300,000 shares of $5 par value common stock for $26 per share. During that year, the corporation sustained a net loss of $80,000. The year-end balance sheet would show

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  1. 30 December, 13:07
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    The amount which the year end balance sheet will show Common stock of $1,500,000

    Explanation:

    As the corporation issued the 30,000 shares at the rate of $5 par value. So, the common stock is of:

    = Number of shares * Price per share

    where

    Number of shares is 300,000

    Price per share is $5

    So, putting the values in the above:

    = 300,000 * $5

    = $1,500,000
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