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The Stockholders' Equity accounts of ExxonMobil on December 31, 2022 were as follows: Preferred Stock (6%, $100 par, cumulative, 800 authorized) $840,000 Common Stock ($3 par, 1,500,000 authorized) 1,260,000 APIC-Preferred Stock APIC-Common Stock Retained Earnings Treasury Stock - Common ($9 cost) During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders' equity: March 21: Issued 28,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $294,000 and the stock was selling for $11 per share. November 22: Purchased 980 shares of Common Stock for the Treasury at a cost of $8,820. The March 21st entry would include a: Select one: O O 126,000 980,000 1,092,000 63,000 O a. A Credit to Common Stock for $294,000 b. A Debit to Land for $294,000 c. A Credit to Additional Paid in Capital of $224,000 d. A Credit to Additional Paid in Capital of $210,000 e. A Debit to Loss for $14,000

The Stockholders' Equity accounts of ExxonMobil on December 31, 2022 were as follows: Preferred Stock (6%, $100 par, cumulative, 800 authorized) $840,000 Common Stock ($3 par, 1,500,000 authorized) 1,260,000 APIC-Preferred Stock APIC-Common Stock Retained Earnings Treasury Stock - Common ($9 cost) During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders' equity: March 21: Issued 28,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $294,000 and the stock was selling for $11 per share. November 22: Purchased 980 shares of Common Stock for the Treasury at a cost of $8,820. The March 21st entry would include a: Select one: O O 126,000 980,000 1,092,000 63,000 O a. A Credit to Common Stock for $294,000 b. A Debit to Land for $294,000 c. A Credit to Additional Paid in Capital of $224,000 d. A Credit to Additional Paid in Capital of $210,000 e. A Debit to Loss for $14,000

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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The Stockholders' Equity accounts of ExxonMobil on December 31, 2022 were as follows: Preferred Stock (6%, $100 par, cumulative, 800 authorized) $840,000 Common Stock ($3 par, 1,500,000 authorized) 1,260,000 APIC-Preferred Stock 126,000 APIC-Common Stock 980,000 1,092,000 63,000 Retained Earnings Treasury Stock - Common ($9 cost) During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders' equity: March 21: Issued 28,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $294,000 and the stock was selling for $11 per share. November 22: Purchased 980 shares of Common Stock for the Treasury at a cost of $8,820. The March 21st entry would include a: Select one: O O O a. A Credit to Common Stock for $294,000 b. A Debit to Land for $294,000 c. A Credit to Additional Paid in Capital of $224,000 d. A Credit to Additional Paid in Capital of $210,000 e. A Debit to Loss for $14,000
Transcribed Image Text:The Stockholders' Equity accounts of ExxonMobil on December 31, 2022 were as follows: Preferred Stock (6%, $100 par, cumulative, 800 authorized) $840,000 Common Stock ($3 par, 1,500,000 authorized) 1,260,000 APIC-Preferred Stock 126,000 APIC-Common Stock 980,000 1,092,000 63,000 Retained Earnings Treasury Stock - Common ($9 cost) During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders' equity: March 21: Issued 28,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $294,000 and the stock was selling for $11 per share. November 22: Purchased 980 shares of Common Stock for the Treasury at a cost of $8,820. The March 21st entry would include a: Select one: O O O a. A Credit to Common Stock for $294,000 b. A Debit to Land for $294,000 c. A Credit to Additional Paid in Capital of $224,000 d. A Credit to Additional Paid in Capital of $210,000 e. A Debit to Loss for $14,000
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