Choose the correct definition for par value from the following:
The amount that a corporation must pay when it exercises its right to convert shares of stock.
The equity of one share of outstanding stock in the issuing corporation's net assets as recorded in the corporation's accounts.
An arbitrary value placed on a share of stock at the time the stock is authorized in the corporate charter.
The costs of bringing a corporation into existence, such as legal fees, promotor's fees, and amounts paid to the state to secure a charter.