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Question 21

Question 21

FINANCIAL ACCOUNTING
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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Question 21
06 A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: Multiple Choice A debit to Land for $12,000. A debit to Common Stock for $12,000. A credit to Common Stock for $84,000. A credit to Land for $12,000. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $72,000.
Transcribed Image Text:06 A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: Multiple Choice A debit to Land for $12,000. A debit to Common Stock for $12,000. A credit to Common Stock for $84,000. A credit to Land for $12,000. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $72,000.
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