The Logan Company Issued 140 Shares of Its $12 Par

question 74

Multiple Choice

The Logan Company issued 140 shares of its $12 par value stock for $14 per share.The entry to record the receipt of cash and issuance of the stock would include a:

• A)debit to Cash of $1,680;credit to Common Stock for $1,680.
• B)debit to Cash for $1,960.
• C)credit to Common Stock for $1,960.
• D)debit to Discount on Common Stock for $280.

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