Alma Corp. issues 1,040 shares of $9 par common stock at $15 per share. When the transaction is recorded, credit(s) are made to Oa. Common Stock $15,600. b. Common Stock $9,360 and Paid-in Capital in Excess of Par Value $6,240. Oc. Common Stock $6,240 and Retained Earnings $9,360. Od. Common Stock $9,360 and Paid-in Capital in Excess of Stated Value $6,240.
Alma Corp. issues 1,040 shares of $9 par common stock at $15 per share. When the transaction is recorded, credit(s) are made to Oa. Common Stock $15,600. b. Common Stock $9,360 and Paid-in Capital in Excess of Par Value $6,240. Oc. Common Stock $6,240 and Retained Earnings $9,360. Od. Common Stock $9,360 and Paid-in Capital in Excess of Stated Value $6,240.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 10MC: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the...
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