A Corporation Issued 5,000 Shares of $10 Par Value Common

question 92

Multiple Choice

A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $70,000.The entry to record this exchange is:

• A)Debit Land $70,000;credit Common Stock $50,000;credit Paid-In Capital in Excess of Par Value,Common Stock $20,000.
• B)Debit Land $70,000;credit Common Stock $70,000.
• C)Debit Land $50,000;credit Common Stock $50,000.
• D)Debit Common Stock $50,000;debit Paid-In Capital in Excess of Par Value,Common Stock $20,000;credit Land $70,000.
• E)Debit Common Stock $70,000;credit Land $70,000.

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Definitions:

Multivariate Statistics

A subset of statistics encompassing the simultaneous observation and analysis of more than one outcome variable.

Significant Differences

A term used in statistics to indicate that the differences observed between groups or variables are unlikely to have occurred by chance.

Generalize Findings

The process of applying the results of a study or conclusion beyond the specific contexts or participants studied.

Descriptive Statistics

Statistical methods that summarize or describe a collection of data using measures such as mean, median, and mode.