Nexis Corp. issues 2,470 shares of $11 par value common stock at $16 per share. When the transaction is recorded, credits are made to a.Common Stock, $12,350 and Retained Earnings, $27,170. b.Common Stock, $12,350 and Paid-In Capital in Excess of Stated Value, $27,170. c.Common Stock, $39,520. d.Common Stock, $27,170, and Paid-In Capital in Excess of Par—Common Stock, $12,350.
Nexis Corp. issues 2,470 shares of $11 par value common stock at $16 per share. When the transaction is recorded, credits are made to a.Common Stock, $12,350 and Retained Earnings, $27,170. b.Common Stock, $12,350 and Paid-In Capital in Excess of Stated Value, $27,170. c.Common Stock, $39,520. d.Common Stock, $27,170, and Paid-In Capital in Excess of Par—Common Stock, $12,350.
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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Nexis Corp. issues 2,470 shares of $11 par value common stock at $16 per share. When the transaction is recorded, credits are made to
a.Common Stock, $12,350 and Retained Earnings , $27,170.
b.Common Stock, $12,350 and Paid-In Capital in Excess of Stated Value, $27,170.
c.Common Stock, $39,520.
d.Common Stock, $27,170, and Paid-In Capital in Excess of Par—Common Stock, $12,350.
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