Final answer:
Common stock with a par value of $0.77 indicates the basic ownership share of Scrambled, Inc. valued nominally at $0.77 and may come with voting rights and potential dividends. The par value is not the market value, but a legal accounting value.
Step-by-step explanation:
The common stock of Scrambled, Inc. with a par value of $0.77 represents the fundamental ownership unit of the corporation, which is usually issued to raise equity capital for the company. Shareholders of common stock typically have voting rights and may receive dividends. The par value is a nominal value assigned to the stock as a matter of corporate law, and it does not necessarily reflect the market value of the stock. When a company issues stock, it can sell shares at a price above the par value known as the premium, with the excess amount over par value being credited to an account called Additional Paid-In Capital in the equity section of the balance sheet.