Barton Company Is a Publicly Held Corporation Whose $1 Par

question 279

Multiple Choice

Barton Company is a publicly held corporation whose $1 par value stock is actively traded at $31 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $100,000. When recording this transaction, Barton Company will

• A) debit Land for $100,000.
• B) credit Common Stock for $93,000.
• C) debit Land for $93,000.
• D) credit Paid-In Capital in Excess of Par for $93,000.

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