Northlake Nordic Centre Inc. (a CBCA corporation; shares have no par value) issues 2,000 common shares for $50 each in cash. Record the issue.

Answer

Dr Cash 100000; Cr Common Shares 100000

Accounts - Cash - Common Shares - Retained Earnings - Paid-in Capital in Excess of Par - Dividends **Cash** (debit) 100,000; **Common Shares** (credit) 100,000 — the whole proceeds, because there is no par value (CBCA s.24, s.26). Traps: splitting the credit with **Paid-in Capital in Excess of Par** (a US account that does not exist here) and **Retained Earnings** (contributed capital is never retained earnings).

Authored no-par entries (Hermanson Vol 1 ch 12 and OpenStax are par-value — shapes only); Dauderis & Annand §10.1–10.2 for the Canadian shape; Lyryx Intermediate FA Vol 1 §3.5; verified-facts.md V1 (CBCA s.24 no par; s.25 property at fair value; s.26 full consideration to stated capital) (concept map M1–M2)