Multiple Choice
The company issued 7,000 shares of stock in exchange for equipment that had a fair market value of $320,000. The entry to record transaction 1 would be:
A) Start-up and Organization Costs 8,000
Common Stock 8,000
B) Start-up and Organization Costs 10,000
Common Stock 8,000
Additional Paid-in Capital 2,000
C) Start-up and Organization Costs 8,000
Additional Paid-in Capital 8,000
D) Start-up and Organization Costs 10,000
Common Stock 10,000
Correct Answer:
Verified
Correct Answer:
Verified
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