Stonehurst Corporation is authorized to issue 100,000 shares of $5 stated value common stock and 2,000 shares of $100 par value, 6 percent preferred stock. Prepare entries in journal form without explanations to record the following transactions:
Definitions:
Majority Decision
A decision in a legal case or deliberative body made by more than half of the members or judges but not unanimously.
Appellate Court
A higher court that reviews the decisions of lower courts and may affirm, reverse, or modify those decisions.
Reversed
The act of a higher court changing the decision of a lower court.
Trial Court
A court of law where cases are tried in the first instance, as opposed to an appellate court.
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