Multiple Choice
E&F Corporation issued 3,000 shares of $10 par value common stock in exchange for a tract of land valued at $135,000.Since all company stock is privately held,there is no market value for the stock.The journal entry to record this exchange includes a:
A) credit to Paid-in-Capital in Excess of Par--Common Stock for $105,000
B) credit to Common Stock for $135,000
C) debit to Donated Capital for $105,000
D) debit to Land for $30,000
Correct Answer:
Verified
Correct Answer:
Verified
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