Assume that Godkneckt Corporation issues 100,000 shares of $1 par value stock for $10 per share. The entry to record this stock issuance would be: Occasionally, a corporation may issue no-par stock, which is recorded by debiting Cash and crediting Common Stock for the issue price. Issuance of No Par Stock. Issuance of shares having no par value is recorded by debiting cash and crediting common stock or prefered stock. However if board of directors of the company assigns a value to shares orally, such value is called stated value and the journal entries will be similar to par value stock. Example Assume Garrison Guitar Company declared a $0.28 per share cash dividend and that the company has 25,000 shares authorized, 19,000 shares issued, and 12,000 shares of common stock outstanding. The general journal entry to record the dividend declaration is: