A Corporation Issued 6,000 Shares of Its $2 Par Value

question 138

Multiple Choice

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:

• A)A debit to Common Stock for $12,000.
• B)A debit to Land for $12,000.
• C)A credit to Land for $12,000.
• D)A credit to Paid-in Capital in Excess of Par Value,Common Stock for $72,000.
• E)A credit to Common Stock for $84,000.

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Definitions:

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