A Corporation Issued 6,000 Shares of Its $10 Par Value

question 26

Multiple Choice

A corporation issued 6,000 shares of its $10 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 $60,000.
• B)A debit to Land for $60,000.
• C)A credit to Land for $60,000.
• D)A credit to Contributed Capital in Excess of Par Value,Common Stock for $24,000.
• E)A credit to Common Stock for $84,000.