Group Project 1 Jeff Smith formed a lawn service company as a summer job on his break from college. To start the business on May 1, 2012 he deposited $6,000 in a new bank account in the name of the corporation. The $6,000 consisted of a $3,200 loan from his father and $2,800 of his own money. The corporation issued 200 shares of common stock to Smith. The common stock has a par value of $1 per share. Smith rented law equipment, purchased supplies, and hired high school students to mow and trim…
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