Question: 1. Western Wear Clothing issues 2,000 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue price is $12 per share, record the issuance of common stock.
2. Gothic Architecture is a new chain of clothing stores specializing in the color black. Gothic issues 1,000 shares of its $1 par value common stock at $20 per share. Record the issuance of the stock. How would the entry differ if Gothic issued no-par value stock?