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On May, 1, 2010, John and Adam Smith Formed the Smith

Question 70

Multiple Choice

On May, 1, 2010, John and Adam Smith formed the Smith Bros. Company. John and Adam contributed $1,000,000 cash for 100% ownership of the company's 100,000 shares of $10 par value common stock. How should Smith Bros. record this transaction?


A) On May, 1, 2010, John and Adam Smith formed the Smith Bros. Company. John and Adam contributed $1,000,000 cash for 100% ownership of the company's 100,000 shares of $10 par value common stock. How should Smith Bros. record this transaction? A) B) C) D) E)
B) On May, 1, 2010, John and Adam Smith formed the Smith Bros. Company. John and Adam contributed $1,000,000 cash for 100% ownership of the company's 100,000 shares of $10 par value common stock. How should Smith Bros. record this transaction? A) B) C) D) E)
C) On May, 1, 2010, John and Adam Smith formed the Smith Bros. Company. John and Adam contributed $1,000,000 cash for 100% ownership of the company's 100,000 shares of $10 par value common stock. How should Smith Bros. record this transaction? A) B) C) D) E)
D) On May, 1, 2010, John and Adam Smith formed the Smith Bros. Company. John and Adam contributed $1,000,000 cash for 100% ownership of the company's 100,000 shares of $10 par value common stock. How should Smith Bros. record this transaction? A) B) C) D) E)
E) On May, 1, 2010, John and Adam Smith formed the Smith Bros. Company. John and Adam contributed $1,000,000 cash for 100% ownership of the company's 100,000 shares of $10 par value common stock. How should Smith Bros. record this transaction? A) B) C) D) E)

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