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 includeA credit to Land for $60,000 A OA debit to Land for $60,000 B OA credit to paid (Contributed) Capital in Excess of Par Value, Common Stock for $24,000 COA debit to Common Stock for $60,000 DO

Common stock means the amount raised against which the dividend is paid but after paying interest on…

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 Wo A credit to Land for $60,000 AO A debit to Land for $60,000 BO A credit to paid (Contributed) Capital in Excess of Par Value, Common Stock for $24,000.CO A debit to Common Stock for $60,000 DO

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 Wo A credit to Land for $60,000 AO A debit to Land for $60,000 BO A credit to paid (Contributed) Capital in Excess of Par Value, Common Stock for $24,000.CO A debit to Common Stock for $60,000 DO

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sudoku Company issues 18,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $227,000 and the building at $365,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet A Record the issue of 18,000 shares of $8 par value common stock in exchange for land valued at $227,000 and a building valued at $365,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
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Smith Company exchanges assets to acquire a building. The market price of the Smith stock on the exchange date was $37 per share and the building's book value on the books of the seller was $210,000. Which of the following is correct for Smith Company when Smith Issues 10,000 shares of $10 par value common stock and pays $21,000 cash in exchange for the building? Multiple Choice Stockholders' equity increases $210,000. O Total assets increase $349,000. Total assets increase $370,000. Stockholders' equity increases $349,000.
1. A corporation issued 9,000 shares of $10 par value common stock for $108,000 cash. 2. A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $32,000. The stock has a $1 per share stated value. 3. A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $32,000. The stock has no stated value. 4. A corporation issued 2,250 shares of $50 par value preferred stock for $144,500 cash. Exercise 11-4 (Algo) Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. View transaction list Journal entry worksheet < A в с Record the issue of 9,000 shares of $10 par value common stock for $108,000 cash. Note: Enter debits before credits. Transaction 1 D General Journal Debit Credit
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Rogrer Company received a machine with a fair value of $130,000 and a building with a fair value of $200,000 in exchange for 6,000 shares of $45 par value common stock and $50,000 cash. The entry to record this transaction would include: Select one: a. Credit to Common Stock for $280,000 b. Credit to Additional Paid in Capital for $10,000 c. Credit to Retained earnings for $10,000 d. Credit to Additional Paid in Capital for $280,000