Multiple Choice
A corporation issued 6,000 shares of its $10 par value common stock in exchange for land that has a market value of $84,000.The entry to record this transaction would include:
A) A debit to Common Stock for $60,000.
B) A debit to Land for $60,000.
C) A credit to Land for $60,000.
D) A credit to Paid-in Capital in Excess of Par Value, Common Stock for $24,000.
E) A credit to Common Stock for $84,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q9: Companies report the cost of stock options
Q29: Preferred stock on which the right to
Q31: Cumulative preferred stock carries the right to
Q99: Explain the difference between a large stock
Q140: Retained earnings generally consist of a company's
Q141: Achieving an increased return on common stock
Q181: When all of the authorized shares have
Q182: A debit balance in retained earnings is
Q183: On July 31,a company declared a cash
Q212: What are the rights generally granted to