A corporation received land valued at $170,000 and a building valued at $205,000 in exchange for 5,000 shares of $40 par value common stock and $100,000 cash. The entry to record this transaction includes a credit to: A) Paid-in-capital in excess of par, common stock for $175,000 B) Retained earnings for $75,000 C) Common stock for $375,000 D) Paid-in capital in excess of par-common for $75,000

A corporation received land valued at $170,000 and a building valued at $205,000 in exchange for 5,000 shares of $40 par value common stock and $100,000 cash. The entry to record this transaction includes a credit to: A) Paid-in-capital in excess of par, common stock for $175,000 B) Retained earnings for $75,000 C) Common stock for $375,000 D) Paid-in capital in excess of par-common for $75,000

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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