When a Corporation Sells 10,000 Shares of $10 Par Value

question 41

True/False

When a corporation sells 10,000 shares of $10 par value common stock for $120,000, the Common stock account is credited for $100,000.

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Definitions:

New Deal Program

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s to address the Great Depression.

Townsend's Political Appeal

Refers to the efforts by Francis Townsend to mobilize public and political support in the 1930s for his proposal of a government-funded pension for the elderly.

Social Security Act

A 1935 United States law that established a system of old-age benefits, unemployment insurance, and welfare programs.